Make a projection: in June, tens of trillions of U.S. Treasury bonds will mature, and the U.S. has three options. 1. Direct default, leading to a credit crisis, which has the lowest probability. 2. Postpone and delay, managing expectations to align with global money printing and inflation. 3. Directly print money. My personal view is to first delay and then print money. The interest rate meeting in June is on the 19th, and considering today's non-farm payroll and the current position of the U.S. stock market, the weak non-farm data has diminished interest rate cut expectations. Therefore, the U.S. Treasury in June can only be postponed. Given the current environment of liquidity crisis and lack of money, postponing U.S. Treasuries will lead to significant volatility, and there is a high probability of a global circuit breaker occurring. Essentially, Trump and the Federal Reserve have been working in tandem, one selling U.S. Treasuries and the other stabilizing the dollar, managing expectations back and forth. A simultaneous rate cut and liquidity injection by China, Europe, and the U.S. to jointly drive a new round of asset redistribution is an inevitable path. Before this, a trigger is needed; a postponed explosion could be that trigger. A global circuit breaker would mean a collective effort to bail out the market, allowing each to save face. If such a situation arises, there is hope to see the biggest bull market in the fourth quarter. Without a super deep squat, how can one jump higher!