Those who can continue trading in such a chaotic market can be considered born to eat this bowl of rice: ① The short end of the interest rate curve has seen more interest rate cuts due to recession expectations (tariffs exceeding expectations have forced the Federal Reserve to remain on the sidelines), while the long end has been sold off with interest rates higher than the rate hike cycle a year ago; ② The risk spread of junk bonds continues to rise, and credit risks are beginning to be warned; ③ The implementation of ultra-high tariffs is highly likely to result in supply side inflation at least in Q2 in the short term, but accompanied by a decrease in Dxy (without a strong US dollar easing); ④ There is still a lot of uncertainty in the expected US dollar assets due to the US strategic contraction versus countercyclical fiscal regulation in Europe and China. You charge your tariffs, I throw away my US debt. He's doing his own fiscal expansion, and everyone is poking at each other without hiding. Let's see who can't take it first