Supply shocks first push up oil prices and inflation expectations, then raise long-end yields through expectations of rate hikes and term premium, and finally compress valuations of long-duration assets.
The US stock market is currently experiencing a mild de-risking, and the VIX at 17.2 has not yet entered panic.
In crypto, due to 24-hour continuous trading, higher leverage, and additional regulatory failures layered on top, it has borne the primary risk release.
Gold has not risen with geopolitics; instead, it has edged down slightly under high real interest rates and a strong US dollar. This suggests the market is pricing in “tighter monetary conditions caused by inflation,” rather than pure safe-haven demand.
Hong Kong stocks are only a weak confirmation end and have not yet shown an independent main theme.#美联储加息是否已成定局
The US stock market is currently experiencing a mild de-risking, and the VIX at 17.2 has not yet entered panic.
In crypto, due to 24-hour continuous trading, higher leverage, and additional regulatory failures layered on top, it has borne the primary risk release.
Gold has not risen with geopolitics; instead, it has edged down slightly under high real interest rates and a strong US dollar. This suggests the market is pricing in “tighter monetary conditions caused by inflation,” rather than pure safe-haven demand.
Hong Kong stocks are only a weak confirmation end and have not yet shown an independent main theme.#美联储加息是否已成定局