Short-term interest rates 2Y, USD DXY, the market interprets Waller's stance as hawkish. In the short term, hawkishness is bearish, but in the mid-to-long term, a hawkish FED (or not blindly maintaining a dovish stance) is bullish. Personally, I think there's no need to be overly pessimistic. In this monetary policy environment, AI and de-dollarization trades (long gold) will persist in the long run.