Here, everyone may have different understandings of the definition and degree of risk and crisis: Terry mentioned the need for arbitrage and liquidation, and the triggering of stampede problems when US bond yields exceed 5.5%. As I mentioned in yesterday's tweet, I believe this is a potential risk, essentially caused by liquidity tension triggered by selling, which has an impact on the market. But once the central bank and the Ministry of Finance intervene at this level, it should be able to prevent the spread of the shock and save it And in my framework, the level of crisis is much higher than these risks, as the underlying assets have a major problem (they have completely broken down and become toxic assets). For example, the financial crisis caused by the collapse of the US real estate market in 2007, and the European debt crisis of the five pig countries in 2010. This level of crisis is either waiting for the crisis to be fully resolved (such as the 2008 financial crisis), or external third-party intervention to help (such as the European debt crisis).