Since Walsh's hawkish speech this time is a medium-to-long-term bearish signal, there's no rush for an immediate drop in the short term. This isn't the kind of violent deleveraging seen during the short-lived memory chip rally led by SK Hynix, where leverage was maxed out and funds were overdrawn. Instead, it's more like a slow-boil tightening of liquidity. Moreover, the market's biggest concern earlier was fiscal discipline being undermined and long-term interest rates spiraling out of control. Walsh hinted at a rate hike in September, which actually reassured the market. This is the reason behind the slight uptick in some stocks. Just now, the differing performances of 2-year, 10-year, and 30-year U.S. Treasury yields perfectly illustrate the current policy mix: Walsh is pushing up the short end, while Besant is suppressing the long end. So for stocks, today isn't purely bearish due to rate hikes—it's a mix of short-end bearishness, long-end bullishness, and fundamental earnings optimism. As for strategy, the same advice applies: orderly exit from risk assets, as a top formation is taking shape. Don't wait until the drop is over to chase shorts. After the bearish impact of the September 16th FOMC rate hike is fully priced in, it'll be a good time to go long (of course, if there's a golden dip before then, you can enter too). PS: The probability of a September rate hike just increased by another 2 points. @BITstocks_CN Buy U.S. stocks on BIT—10,000+ U.S. stocks and ETFs, real holdings, and enjoy dividend payouts.