The Federal Reserve kept the federal funds rate unchanged at 3.50%-3.75% as expected, but three policymakers voted against the decision, advocating for a 25-basis-point rate hike, signaling growing internal concerns over inflation. This decision directly triggered a sharp surge in long-term U.S. Treasury yields (the 30-year yield broke above 5.2%, hitting a new high since 2007), causing a steep sell-off in U.S. equities, resulting in a dual decline in stocks and bonds. Looking longer-term, this downturn reflects the unwinding of risks accumulated recently due to the escalation of Middle East tensions and continued selling pressure on AI/chip stocks. Macro risks have built up significantly, making it difficult for popular Korean and U.S. stocks to sustain gains, with capital almost entirely drawn toward chip stocks. Cryptocurrencies have proven more resilient than expected, but there are no signs of capital flowing back into crypto. It is still too early to contemplate a crypto bull market—keep selling calls!