Dean Curnutt, CEO of MacroRisk Advisors (MRA), stated that the Federal Reserve's initiation of a rate hike cycle will put pressure on the S&P 500 index, with an expected 8% to 10% pullback in US stocks. The rise in energy costs and inflation data pushed the yield of the US 10-year treasury bond bond to exceed 5% for the first time since 2023, and the market raised its bet on the Fed's interest rate hike. Raising interest rates compresses the profit margins of enterprises that cannot pass on costs, and brings impact to markets that are not fully prepared for fluctuations. The current market environment is similar to 2018, when the S&P 500 index reached its peak in September, fell by about 10% in October and November, and weakened in December. Dean Curnutt predicts that if the Federal Reserve continues to raise interest rates, the market will experience a second round of decline by the end of the year. (Source: Jin Shi)