The Federal Reserve has an implicit, de facto hidden easing backstop to offset the high interest rate environment.

Many institutions also mentioned this during their mid-year reviews.

Data shows that although the Fed verbally maintains a "higher-for-longer" stance, in practice, the marginal effect of its second round of quantitative tightening (QT2) on tightening financial conditions has almost dropped to zero.

In addition, the Fed has quietly adjusted its asset composition over the past few months, with the share of Treasury duration in its holdings actually increasing against the trend.

Therefore, even if the Fed were to raise interest rates in the second half of the year, there is no need to worry about a systemic liquidity crunch in the market.