Penghua Fund believes that the repetitive nature of geopolitical games is expected to cause crude oil prices to maintain high volatility. Federal Reserve Chairman Walsh's recent statement is generally biased, but the policy path is still highly uncertain. As energy price shocks and policy expectations are repeatedly compounded, the volatility of the US bond market is expected to increase further, and there is room for two-way fluctuation in term premiums.

Penghua Fund believes that the repetitive nature of geopolitical games is expected to cause crude oil prices to maintain high volatility. Federal Reserve Chairman Walsh's recent statement is generally biased, but the policy path is still uncertain. As energy price shocks and policy expectations are repeatedly compounded, the volatility of the US bond market is expected to increase further, and there is room for two-way fluctuation in term premiums.