CITIC Securities: U.S. stagflation may bring four major trading opportunities

```htmlGolden Ten Data reported on April 3 that a research report from CITIC Securities stated that although Trump frequently signals a desire to end the war, the initiative to control the Strait of Hormuz has already shifted to Iran. Additionally, under the risk of stagflation, it is difficult for Trump to pressure the Federal Reserve to continue cutting interest rates. The market's anticipated "TACO" expectation may only be a temporary rebound within stagflation trading, with limited sustainability. Stagflation may present four main trading opportunities: first, the US dollar remaining at a high level; second, mid-term allocation opportunities for agricultural products; third, the potential for Chinese bonds to outperform independently; and fourth, the possibility to look for assets that are sufficiently priced for the stagflation phase.```