In June, the Federal Reserve did not cut interest rates, making the U.S. Treasury very dangerous. What can be certain is that the Federal Reserve will definitely cut rates quickly next. Right now, all global traders are betting on it, from the understanding of increasing tariffs to the imported inflation of the beautiful country, this matter has almost become a certainty. Therefore, under the expectation of imported inflation, we see that the yield on the 10-year U.S. Treasury has risen by 50 basis points, reaching 4.5%, the highest since 2001.The largest single-day increase. The U.S. dollar index has recorded its worst performance since 2022. The safety of U.S. Treasuries has been questioned, so the Federal Reserve must be ready to take action to stabilize the market. If the financial market system falls into chaos, relevant tools will be quickly utilized, replicating the intervention rhythm during the mask period in 2020. There are two very strong signals here. The first is that the Federal Reserve is paying attention to the stability of market operations and liquidity. The second is that the use of unconventional tools from the mask or financial crisis period cannot be ruled out again. Current inflation may still be above 3%. However, interest rate cuts are not the first choice; the core is to avoid public inflation expectations. So we return to a correct logic: the stability of market operations vs. the deterioration of liquidity. Currently, although the U.S. Treasury market is experiencing huge fluctuations, it has not yet lost continuity. The bond market is orderly selling off, turning into disorderly and uncontrolled; it just needs a turning point. Therefore, from the perspective of rhythm, if the market continues to deteriorate, the first stage will initiate liquidity support tools, discount windows, and short-term liquidity injections. The second stage will restore asset purchases, purchasing U.S. Treasuries and even large corporate bond interest rate operations. From the Federal Reserve's perspective, there are still many tools available now. The comprehensive support in 2020 indeed solved the very, very important liquidity issues and the very, very important bottoming process at that time. Next, it will focus on cutting rates and closely monitor these two tools. Additionally, one should look at their own three principles of allocation. First, choose the upward cycle; second, diversify the portfolio; third, seek negative correlation.