Recently, expectations of a Fed rate cut have undergone a major shift, attracting widespread attention in financial markets. In multiple public statements, Fed officials have voiced growing concerns about the economic outlook, causing market expectations of a rate cut to rise rapidly. At the same time, Treasury yields have surged in the opposite direction, a phenomenon that seems to reflect more complex factors. On the one hand, Fed officials’ concerns about the economic outlook stem mainly from slowing global economic growth, particularly the uncertainty caused by trade tensions between China and the United States. Against this backdrop, markets generally expect the Fed to cut rates in the near future to stimulate economic growth. On the other hand, the surge in Treasury yields seems to be sending a different signal. Rising Treasury yields may reflect concerns that expectations of a Fed rate cut are fading; alternatively, they may indicate that confidence in the economic growth outlook is improving. Against this backdrop, the contradiction between Treasury yields and rate-cut expectations has attracted widespread attention. On the one hand, the major shift in rate-cut expectations may indicate growing concerns about the economic growth outlook, putting pressure on risk assets; on the other hand, the surge in Treasury yields may mean

$BTC $ETH $SOL