5% return rate = Market cooling button? This time it might really be different

Every round of market overheating, there is a "braking device".
This time, it is very likely the U.S. Treasury yield.
When the yield continues to rise, it is actually draining the market's "liquidity oxygen".
You can understand it as:
Money hasn't disappeared, it has just moved elsewhere.
In the past few years, funds flowed heavily into risk assets because of "no other choice";
Now it's different — there are options.
This will bring a direct consequence:
Valuation system reconstruction.
Many prices that once seemed "reasonable" suddenly appear expensive in a 5% interest rate environment.
But interestingly —
The market won't crash immediately; it will first "hesitate".
It doesn't want to go up, nor does it want to go down.
This state is the most frustrating and the easiest to make mistakes.
To sum up in one sentence:
The most dangerous time for the market is not a crash, but when you can't understand it. #Gate广场五月交易分享