The Fed's decision, ostensibly to hold rates steady, was in fact hawkish in nature. Interest rates remained unchanged, but the underlying policy logic has shifted. The removal of forward guidance, the cessation of market reassurance, and the initiation of a de facto tightening have begun. Liquidity is being tightened not through rate hikes, but through expectation-driven disruptions. The US dollar and Treasury bonds are relatively strong, leading to increased volatility across asset classes. Going forward, be wary of black swan events. In terms of trading strategy, selling on rallies is more cost-effective.