The market expects the central bank to only raise interest rates once in the first half of the year, while the US dollar assets and exchange rate are expected to remain relatively strong in the first half of the year due to Trump's inauguration. As the quote shows, this interest rate hike has little impact on the market and is no longer the main contradiction in secondary market trading at this stage. The market does not have liquidity issues with cargo trade, but rather has high levels of 10y and dxy. After the Bank of Japan raised interest rates, Dxy slightly declined. The main contradiction is to focus on next week's FOMC and PCE (PCE is very important this time, and if the downward trend continues, we will see room for interest rate cuts due to the overly pessimistic pricing of the FOMC in December, which will be reset to twice in 2025) Talking to people: The probability of good news is higher