The Fed has been engaging in implicit easing behind the scenes to offset the high-interest-rate environment. Many institutions also mentioned this during their mid-year reviews. Data shows that although the Fed verbally maintains a 'higher-for-longer' stance, in practice, the marginal effect of its second round of quantitative tightening (QT2) on tightening financial conditions has almost dropped to zero. Additionally, over the past few months, the Fed has quietly adjusted its asset structure, with the duration share of its Treasury holdings actually increasing against the trend. So even if the Fed does raise rates in the second half of the year, there's no need to worry about a systemic liquidity crunch in the market.