The market has priced the outlook for the Federal Reserve too strongly, and after this week's CPI data fell below expectations, the market reversed, and it is expected that US bond yields will enter a downward cycle. In fact, if interest rates rise too quickly and the stock market falls, it is just a "stress" reaction, because if interest rates rise by 100 basis points, from the perspective of borrowing costs, the EPS of SP500 companies will only be slightly affected by about -0.3%.