By looking at these three charts together, you can clearly see who is influencing the market trend, with the core being oil prices. As long as oil prices continue to decline, even if Walsh's hawks cause the US 10y to jump and the Nasdaq to temporarily fall, it will soon return to a track driven by oil prices. So it's not an argument about whether raising interest rates is negative or positive, because neither of them holds water. The core needs to see why interest rates are being raised? Because of inflation. Why does inflation rebound or decline slowly? At least this year, it will be caused by oil prices. A significant reason for the increase in long-term bond yields is also due to oil prices. This is also a tweet from late August titled 'Structural Issues in the High Yield Pivot Era'. https://((x.com))/qinbafrank/status/2090435324765970902? The three driving factors for the rise of long-term bonds discussed in s=46&t=k6rimWs Ebo2D2TXolYcM-A are oil prices, fiscal deficit bond issuance, and the wave of AI infrastructure technology companies issuing bonds, and finally, efforts must be made to raise oil prices. And yesterday, China once again intervened in the mediation process. https://((x.com))/qinbank/status/210021614327076762? S=20 also gave the market a strong expectation. Last night, it was reported that the meeting between the United States and the Hussain armed forces was held in Oman. Today, it was reported that Trump would meet with the leaders of the Gulf States in New York next week to discuss the post-war issues. These are potential factors that may cool the situation in the Middle East. The decline in oil prices ->the decline in inflation expectations ->the decline in long-term bond yields ->the boost in market sentiment, naturally causing Walsh's interest rate hikes and hawkish views to stand back. Looking at the developments in Iran and the Houthis today, it seems very calm. It seems that the message and attitude passed to China yesterday are also waiting for the results of the meeting between Trump and the leaders of the Middle East countries and the meeting between China and the United States next week, naturally waiting for Trump's substantive concession. The next week is expected to be relatively calm, with the situation remaining calm and natural oil prices falling, which is favorable for asset growth. It is expected that there will be a good conclusion in the two meetings next week. This conclusion is naturally that Trump has made substantive concessions. This time, Saudi Arabia may also have to make concessions, and Iran and Hussein can stop. Regarding the degree of concession, please refer to https://((x.com))/qinba frank/status/2097309757992501308? We have talked about s=46&t=k6rimWs Ebo2D2TXolYcM-A. Of course, it also depends on the actions of the Bank of Japan tomorrow. The interest rate hike is certain, and the core is still the expression of the subsequent pace. The Bank of Japan's statement may determine whether there will be valuation fluctuations in the market or whether there will be stronger leverage to close positions. When it comes to the trend of oil prices, it is still the primary factor in the current market.