Funds are gradually moving away from risk assets due to panic, seeking high cash flow, which has even led to a decline in gold prices, an increase in the dollar index, and a decrease in U.S. Treasury yields. The market has re-entered a phase where "liquidity is more important than yield." In this environment, investors are more inclined to hold cash and short-term government bonds, with a clear decline in risk appetite. Growth assets and high-leverage sectors are facing passive selling pressure, while corporate financing, credit expansion, and trading activities are also slowing down.

If the stalemate continues to prolong, and macro data remains in a "lights out" state, then short-term funds will be more cautious, and risk indicators like the VIX may remain elevated. The market's reaction to the Federal Reserve's policy path may be excessive, leading to increased volatility.

In simpler terms, the 14th failed vote has resulted in the longest government shutdown in history, and market pressure is beginning to mount. Currently, both parties should accelerate efforts to end the shutdown, with a consensus potentially reached as early as this week, allowing the government to resume operations next week.

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