Is the rate cut dream slipping further away?

Global markets are beginning to adapt in advance to the "high interest rate new world"

Over the past decade or so,
What are the global capital markets most accustomed to?
Low interest rates.
Money flows as if it costs nothing.
So tech stocks soar wildly,
Real estate skyrockets,
Cryptocurrencies explode.
But now,
The game may be changing.
More and more institutions believe:
High interest rates may persist longer.
The reason is actually quite simple.
Inflation hasn't fully died out,
Oil prices are fluctuating again,
U.S. fiscal pressure is increasing.
This means the Federal Reserve dares not easily flood the market with liquidity.
And once long-term high interest rates become a reality,
The entire asset pricing system will be reshaped.
In the past, everyone dared to leverage wildly,
Because financing was cheap.
In the future, with prolonged high financing costs,
Risk appetite will naturally decline.
This is also why recent markets are becoming more divided.
AI stocks can still go crazy,
But many small and mid-cap stocks are already weakening.
Because liquidity is starting to stratify.
The most interesting thing is,
The crypto market is now increasingly dependent on macro factors.
In the past, everyone thought:
"Crypto is an independent trend."
Now they realize:
A single statement from the Federal Reserve,
Is more important than project roadmaps.
And if the future truly enters a long pause period,
Market volatility may become more frequent.
Because everyone is constantly guessing:
"When will the rate cut happen?"
The most dangerous phase is often not certain negative news,
But the lack of clear direction.
Because everyone will become hesitant.
And hesitation,
Is precisely the fertile ground for high volatility. #CLARITY法案推进受阻