According to CoinMeta, Guan Tao, the chief economist at Huafu Securities, stated at the 2026 Autumn Economic and Investment Strategy Conference that the Federal Reserve cut interest rates three times last year and has remained inactive since this year. However, market expectations have been fluctuating frequently, resulting in generally loose financial conditions but with significantly amplified volatility. He pointed out that the impact of external liquidity needs to be analyzed based on specific drivers and under different premises, and cannot be simply attributed to one factor. Expectation fluctuations affect the A-share market through two main channels: firstly, through capital flow channels; rising tightening expectations can strengthen the US dollar, leading to pressure for capital outflows from emerging markets and putting pressure on exchange rates and asset prices. Secondly, through market sentiment and confidence; as a global benchmark for risk assets, fluctuations in the US stock market have a strong spillover effect. If tightening expectations trigger adjustments in US tech stocks, it is very likely to cause a correlated decline in the global tech sector as well.