Something very surreal has recently happened—after the US Q3 GDP data was released, instead of boosting the market, stocks plummeted. Even more interestingly, Trump immediately came out and called for continued rate cuts, putting inflation issues on the back burner.

The logic behind this is actually quite twisted. Normally, good economic data should mean the Federal Reserve doesn't need to rush to loosen policy. But what the market fears isn't that—it's the fear of "no more easing." When the economy performs strongly, the Fed has more reason to maintain high interest rates, and that's the real source of market fear.

More importantly, this GDP growth is based on the "annualized quarter-over-quarter" calculation method, which is very likely to be revised later. But regardless of how the numbers are ultimately adjusted, market sentiment has already shifted: everyone is recalculating liquidity expectations, and these expectations are being reshaped by political factors.

A chain reaction immediately became apparent. The RMB exchange rate approached psychological thresholds, gold and copper prices hit new highs collectively, and volatility in crypto assets suddenly increased. This indicates that the re-pricing of risk assets is underway.

Interestingly, Trump's logic is breaking traditional rules: the better the economy, the more rate cuts are needed. If this "political logic" begins to override "economic logic," the future market script will be completely rewritten—liquidity will no longer follow data, but will start following narratives, even the election cycle.

In other words, when "money printing expectations" become the main driving force of the market again, a new cycle may be starting. In this round of market movements, it doesn't matter whether things make sense or not; the key is to keep up with the narrative.