Sky Links CEO’s analysis this wave is quite to the point: the core logic behind the U.S. dollar staying firmly at high levels is actually “hard data + geopolitical risk,” and the Federal Reserve’s rate-cut narrative has been forcibly interrupted. The market is now pricing in no rate cuts for the entire year, but the real black swan is—if inflation remains stickier than expected, the option of rate hikes will return to the table, and the valuation models for risk assets will need to be re-priced.