Recently, the market's FOMO sentiment has been quite severe; in the past month, the returns on U.S. stock and A-share accounts have exceeded the total returns of the first half of this year, which is really remarkable!

Personally, I believe that the market should hold strong until the U.S.-China talks conclude!

However, the situation at the macroeconomic level is becoming concerning. As a leading indicator of European interest rates, the yield on British government bonds has worsened, with the 30-year British government bond yield reaching a high of 5.81%, a new record since 1998! Data shows that during the interest rate hike cycle from 2021 to 2023, the Bank of England has often acted ahead of the European Central Bank, and currently, Europe is heading towards a typical stagflation trend.

Moreover, with the better-than-expected CPI data from the U.S. on Tuesday, investment banks estimate that the probability of the Federal Reserve lowering interest rates this year is essentially zero, pushing predictions for rate cuts to mid-2027. The 10-year U.S. Treasury yield is also about to break this year's high, approaching the risk warning line of 4.5%, which needs to be heeded ⚠️

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