We are now moving to the third quarter for 2025. There have been significant changes to the global economy, with continued negotiations on tariffs and the passing of a multitrillion-dollar package of tax cuts and spending in the United States. Given the magnitude of these changes, it could have a significant impact to the inflation and interest rate environment. From my end, given that I have not witnessed such situations before, I will need to assess the impacts and learn from these scenarios as it plays out over the next few months. As of 18 June 2025, the Federal Reserve funds rate remain at 4.25% to 4.50%, unchanged since 19 December 2024. The market narrative as of June 2025 was that there was no hurry, though there are plans to see two more rate cuts during the year. Investors will need to monitor if there are any changes over...