This week (September 2, 2024 to September 6, 2024, the same below), the global asset class linkage and volatility once again magnified, to some extent seems to be a "miniature version" of the same period in August 2024: The yen exchange rate rapidly appreciated, major global stock indices, csi commodity equity index, and VIX volatility rose again.

On the triggering factors, on the one hand, recent economic data has not clearly signaled a recession in the usa, intensifying the market's divergence in expectations between a 'soft landing' for the usa economy and the pace of interest rate cuts by the Federal Reserve. At the same time, there is also a certain tightening of dollar liquidity on the funding side. On a deeper level, the high volatility of financial assets at the moment once again warns of the systemic fragility of financial markets in the face of marginal changes after years of debt expansion.

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