The Federal Reserve has reached a stage of 'just talking, not doing', so implementing this' last rate hike 'is likely to be out of reach. So the "suspense" of raising interest rates will always be retained to guide the financial market to tighten and ultimately reach a soft landing state. However, the market does not believe that there is still a "last resort" and chooses to skip the "verbal tightening" and directly start pricing the "loose action": US stocks rose by over 1% in response, while US bond yields fell by 14 bp.