Today, the risk market rebounded as a whole. Although it was hindered by Lutnick, it did not meet expectations, but the news of the suspension of tariffs and Trump's consideration of adjusting tariffs on cars and spare parts late at night significantly boosted market sentiment. The yield of 10-year US bonds fell below 4.4%, and VIX fell back to around 30. Trump released the information that the tariff on imported automobiles may be adjusted, enhancing the market's expectation of the subsequent easing path. At the same time, the Federal Reserve's Waller stated that if the average tariff remains at 25%, the probability of economic recession will increase significantly, and he supports a rapid interest rate cut; If it is only 10%, then maintain a wait-and-see attitude and only consider cutting interest rates when inflation clearly falls back to the 2% path. This tweet is sponsored by @ ApeXProtocolCN | Dex With Apex