In the morning, everyone, US bank stocks are the prelude to the start of the US stock market results period. Although the performance of many bank stocks in the fourth quarter was generally better than market expectations (JPMorgan Chase and Citigroup recorded a year-on-year decline but also exceeded expectations), the market still borrowed good news. In addition, the Fed's hawkish stance has weakened the overall investment sentiment, the Dow still fell 201 points on Friday to 35911 points; the benchmark index was stable, up 3 points to 4662 points; and the Nasdaq rebounded after a few days of adjustment, up 86 points Reported at 14893 points. Note that today is Martin Luther King Day, the US stock market will be closed for one day.

New York Fed President Williams joined the hawks on Thursday, pointing out that the U.S. Federal Reserve

"Is close to a decision" to start a new round of interest rate hikes. And he is more optimistic about inflation, expecting U.S. inflation to fall to 2.5% next year and further to 2.0% in 2023. However, Fed officials have raised interest rates in March for consecutive days After making a statement, and Morgan Stanley also joined the expectation of raising interest rates in March (announced to shrink the balance sheet in July), the US bond interest rate has moved at a high level again after a few days of adjustment (at the closing price, the 10-year US bond has The 20-year and 30-year U.S. Treasuries have also broken through recent highs, and it is believed that short-term U.S. bond interest rates will also be “easy to rise and difficult to fall”.

There is another news that the market is less concerned about, "Foreign media quoted news that the Bank of Japan is studying when it can start to signal interest rate hikes, and may start to act before the inflation rate reaches the 2% target, mainly in response to the expansion of price increases. And the US Federal Reserve’s remarks are more hawkish” (excerpted from Oriental Daily on January 15). If the US Federal Reserve is the initiator of quantitative easing, then the Bank of Japan is a loyal supporter of quantitative easing. After the financial risk, the US Federal Reserve The Bank of Japan has also raised interest rates and reduced its balance sheet due to the improvement of the economy (but then implemented quantitative easing again), but the Bank of Japan has been pursuing an extremely loose monetary policy for many years. The central bank also feels the threat of inflation, which also reflects that the problem may be more serious than imagined. And this also reflects the situation that the author proposes that the monetary policies of central banks around the world interact with each other. When the new crown epidemic occurs, everyone may synchronize quantitative easing, or even fight too much. No harm done. Now the situation has just reversed, and everyone is figuring out how to win fast and minimize the impact of inflation on their own economy.