Last week's US PCE inflation index beat unexpectedly, market is afraid of further tightening, with a longer period. We have discussed in Inflation expectation rises, is market donwside trend temporary?Most central banks around the world are keeping raising interest rates, and the market risk-free rates in most economies are keeing up, which is now good news for stock market. On one hand, valuation of stocks would decrease, on the other hand, the required return rate of investors will increase.go up.For stock investors, cash returns are mostly refers to dividend.L