The slow decline in inflation in the United States and the hawkish tone are currently the "correct" statements of the Federal Reserve. In the medium term, the Federal Reserve is likely to release signals of easing in the first quarter of 2024. US Treasuries are still peaking, and medium-term yields may show a "M" peak decline. Geopolitical risks may drive up gold prices, with a medium-term return of $2000 per ounce expected, while US stocks remain volatile. During the process of building the US bond market, the Hong Kong stock market is also accumulating upward momentum.