👉The main content of Trump's speech yesterday was sorted out.

👉Trump's speech may be the main reason for this decline.

The negative data led to the cancellation of the expectation of interest rate cuts. Trump's "new imperialism" speech triggered market panic, leading to a sharp decline.

1⃣The employment data released by the United States last night exceeded expectations, while inflation in the service industry accelerated. Specifically, JOLTS job vacancies in November unexpectedly increased by 259,000 to 8.098 million. The ISM non-manufacturing PMI rose from 52.1 in November to 54.1, while the price index rose from 58.2 to 64.4, a record high in 11 months, indicating that inflationary pressures persist. These data suppressed market expectations for interest rate cuts. The market expects that the probability of the Federal Reserve not cutting interest rates in January is more than 95%, and the price of Bitcoin has therefore plummeted.

2⃣ Subsequently, Trump announced a series of amazing plans at a one-hour press conference last night, which the media called "new imperialism." He said he would not rule out using the military to fight for Greenland and the Panama Canal. If Denmark did not hand over Greenland, he planned to impose "very high" tariffs on Denmark. In addition, he also proposed to use economic means to incorporate Canada into the United States. Such remarks triggered panic in the market and led to further declines.

✅ Senior political commentator Jonathan Chait analyzed that "New Trump Imperialism" is mainly a "performance" behavior, which puts pressure on allies through this "bluffing" method, and also caters to the psychology of a large number of ordinary voters.