The core logic of the market this week continues to revolve around the Fed, the yield curve on US Treasuries, gold, crypto assets, and AI infrastructure. 1. The Fed: The focus isn't hawkish vs. dovish, but expectation management. I believe this speech is more about resetting market expectations. Short-end rates reflect future policy expectations, while 10-, 20-, and 30-year Treasury yields better capture the market's view on long-term inflation, fiscal health, and confidence in USD assets. Therefore, a rise in short-end rates doesn't necessarily signal a loss of control; what truly matters is whether the long end can hold steady. If it's just a short-end adjustment...