Leaders, everyone has just given feedback that they are confused about the trend of overseas assets last night. Let me briefly sort it out:

English summary

Step 1, clumsy Warsh. Wanted to create a persona of an inflation fighter, but saying too much only made it worse, and the market eventually saw through that he is a hawk in appearance but a dove in essence. Step 2, inflation expectations rise. Warsh hoped to suppress inflation expectations without raising interest rates by establishing a zero-tolerance persona for inflation, but the clumsy performance backfired, increasing market concerns about inflation spiraling out of control. Step 3, US Treasury bonds crash, dragging US stocks down. Concerns about inflation expectations becoming unanchored directly pushed up long-end Treasury yields, leading to tighter financial conditions and dragging US stocks down. Step 4, dollar credit is discounted. The sharp rise in Treasury yields, coupled with concerns about the Fed's loss of independence, magnified US fiscal pressure and market concerns about dollar credit. Step 5, "de-dollarization" is likely to make a comeback, and gold has long opportunities! The above, Cai Tong Macro Zhang Wei~