The Federal Reserve held the federal funds rate steady at 3.50%-3.75% as expected, but three policymakers voted against the decision, advocating for a 25-basis-point rate hike—indicating growing internal concern over inflation. This decision triggered a sharp surge in long-term U.S. Treasury yields (the 30-year yield broke above 5.2%, hitting its highest level since 2007), prompting a significant sell-off in U.S. equities, resulting in a simultaneous decline in both stocks and bonds. Looking longer term, this downturn reflects the unwinding of risks accumulated recently—namely, the escalation of tensions in the Middle East and sustained selling pressure in AI and chip stocks. Macro risks have built up substantially, making it difficult for popular markets like Korean and U.S. equities to sustain gains, with capital nearly all flowing into chip stocks. Cryptocurrencies have proven more resilient than expected, but there are no signs of capital returning to the crypto space. It is still too early to consider the prospect of a crypto bull market—continue selling calls.