Economic data becomes the protagonist! The Federal Reserve's hawkish interest rate hikes have brought market volatility close to historical levels. It is reported that Thursday was the last rate hike in the most aggressive tightening cycle since former Federal Reserve Chairman Volcker took charge. Powell declined to say when he would raise rates again and announced he would assess "headline data" on employment and inflation, meaning Wall Street traders will no longer enjoy the Fed's unusually reliable roadmap for how to trade the bond market. Amid mixed inflation signals, the path for monetary policy is no longer clear and the Fed will speak sparingly next month. Liquidity may shrink due to lower trading volumes, and market volatility may continue to increase. Over the next two months, inflation data will pose a major test for traders in interest rate swaps and short-term government bond markets. How do you think the market will change in this case? Feel free to chat in the comment area.