The biggest reason for this pullback is that the Fed’s expected rate cuts have been missed. The global capital market has fallen. Everyone expected the Fed to cut rates for the first time in June. As a result, due to higher-than-expected inflation in the United States, the pressure to cut rates has increased. However, the United States now maintains such high interest rates, the huge debt owed by the United States, and the interest on the treasury bonds that need to be repaid is also staggering, coupled with the domestic banking crisis in the United States. How long can the Fed last?