After the FOMC meeting, if you only focus on the Fed's collective neutrality and the continuous rise in oil prices, you might mistakenly think a new round of sharp declines is about to begin. In reality, the market has ushered in two days of rapid rebounds. As quoted, the main conflict in the market right now is actually the change in real interest rates. The sudden impact of war has already been priced in, but the combination of rising inflation expectations driven by oil prices and unchanged rate expectations is causing real interest rates to keep falling. Capital is increasing its risk appetite to outperform inflation. This time, the extremely neutral stance of the FOMC has actually solidified the trend of further declines in real interest rates (higher risk appetite for capital).