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Has the risk market been liberated after the Federal Reserve's rate hike? Obviously not! After the Fed's hawkish rate hike, many people saw that risk assets did not crash as much as expected and naturally assumed that the artificial risk had been eliminated. But has the risk really disappeared? On Thursday, the yen rate hike Previously, the yen rate hike expectations were the same as the US dollar rate hike, basically locked in by the market, so the yen rate hike itself is not the focus. The key is whether the Bank of Japan will also signal continued rate hikes after the increase. The previously feared issue of narrowing US-Japan interest rate differentials causing arbitrage unwind and liquidity tightening can be temporarily relieved. After the Fed's hawkish rate hike, the 2-year US Treasury yield surged, reopening the US-Japan interest rate spread and temporarily removing arbitrage unwind risks. However, another problem arises: if the yen confirms a hawkish rate hike, it means the world is entering a synchronized rate hike cycle. The global risk-free rate assets (bonds) yields will rise, attracting some financial liquidity and causing risk assets to begin comprehensive deleveraging, which is unfavorable for the risk market. #本周FOMC揭晓，加息能否落地？ Before the global synchronized rate hike effect takes place, high interest rates still suppress risk assets! There is a causal paradox here: once the global synchronized rate hike phenomenon is confirmed, the bond market becomes the target for capital attraction. Capital inflows will suppress long and short yields, but before that, the risk market still faces the pressure of high bond market interest rates. Synchronized rate hikes can suppress long-term rate growth and relieve the high-pressure environment, but the premise is that on the eve of synchronized rate hikes, risk assets often undergo deleveraging. Tonight, the Fed rate hike is certain