The impact of the tariff war is beyond belief, with a huge amount of information, making it difficult for Lao Yu to organize language to write articles and share scattered thinking points. Regarding macro and current market operation guidelines: one ⃣ The situation is getting out of control, and the damage caused by the tariff war has exceeded the expectations of the Trump team. The preparation of the United States is not as sufficient as that of China, and I think the more passive side now is Trump, who has no contingency plan for the issue of "how to end it". two ⃣ Ten year US bond yields continue to rise, with China leading the way in selling US bonds. At the same time, the market realized that after the tariff war, the US dollar income of most countries was forced to decrease, and the US Treasury also lost the foreign buying market. If the United States does not intervene in a timely manner now, the gray rhino of US debt will have a big problem. three ⃣ The overall level of the Trump team is not online, especially the Treasury Secretary, whose water release level is far inferior to Yellen's. four ⃣ The collapse of coins, stocks, and bonds larger than 312 is approaching, don't rush to buy the bottom. Especially some people like to search for the bottom during secondary exploration, which will quickly bury them. five ⃣ The escalating tariff war between China and the United States, especially the 104% tariff imposed by the United States on China, will lead to global stagflation. six ⃣ Cannot cut interest rates! I dare not cut interest rates. The market is fantasizing that the Federal Reserve will cut interest rates in May, but I believe that the Fed dare not cut interest rates until it thoroughly understands the impact of tariffs on inflation. Not afraid of recession, but afraid of stagflation. seven ⃣ Micro strategy is facing forced coin selling, and the once faith pillar has transformed into selling pressure. eight ⃣ It cannot be said that Trump is wrong. Trump's original intention was to use the tariff war to pull China, Europe, Japan, South Korea and other countries together to draft a new "Plaza Accord" and help the United States solve its debt problems. Unfortunately, the United States no longer has the absolute dominance it once had. nine ⃣ The RMB will continue to depreciate, and I believe that China will recklessly devalue the RMB to hedge against the impact of tariffs as much as possible. 🔟 Gold will fluctuate violently. On one hand, there are people buying gold as a safe haven, while on the other hand, there are people selling gold to replenish their positions. 🔢 Now I truly understand what a 'once-in-a-century great change' means. 🔢 Finally, another piece of advice: don't bargain now.