Wu said that Jiang Jinze, founder of Muse Labs, said that the U.S. stock market, like Bitcoin, has historically confirmed that the pause in interest rate hikes is a bull market signal, because the economy is still in a relatively hot state at this time, but the pressure of marginal tightening of monetary policy has eased. However, when interest rates really start to be cut, they often perform poorly, because after interest rates peak, the economy often enters a recession, and all risky assets are not worth holding at this time. But it should be noted that the last interest rate cut cycle was caused by unexpected public health risks, not the natural transition of the economy from overheating to recession. There is no such risk at the moment.