Three major indexes plummet, Bitcoin rebounds

1. U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer will meet with Chinese officials in Switzerland this week to initiate U.S.-China trade talks. This is the first trade contact since the Trump administration announced a new round of high tariffs on China. The meeting is seen as a potential opportunity to ease tensions and reduce cost pressures on manufacturing and consumer goods.

2. U.S. Treasury Secretary Scott Bessent has once again warned that the U.S. is at the "red line" of exhausting its capacity to operate within the federal debt ceiling, but he did not specify when the deadline will arrive. "We are above the red line," Bessent said. He also reiterated that the U.S. government will never default and promised that the Treasury will not play "tricks" to evade the debt ceiling.

3. "The asymmetry in stock investment is poor. Large rebounds in bear markets are the norm, not the exception." The biggest driver in the market remains uncertainty, with investors lacking a firm conviction for a long-term bullish or bearish outlook. Stock price movements are primarily driven by short-term news headlines and speculation on how rapidly changing U.S. relations will manifest through corporate earnings and revaluation adjustments.

4. On May 7, New Hampshire became the first state in the U.S. to pass a strategic Bitcoin (BTC) reserve law. The law authorizes state treasurers to purchase the world's largest digital asset directly or through exchange-traded products (ETPs). #美联储FOMC会议