The combination of high inflation, high interest rates, and high government leverage in this round of interest rate hikes is unprecedented. Looking back, even if the nominal GDP growth rate of the United States can remain around 5%, such a large cost of debt expenditure is by no means what the US government wants. Furthermore, raising taxes and lowering interest rates are the only options for reducing debt costs. Obviously, the resistance to tax increases far outweighs interest rate cuts. Therefore, the Federal Reserve may have a more clear policy shift before next year's US election.