SMM

The macro environment remained bearish last week, with the US and Europe announcing interest rate hikes one after another. The Federal Reserve decided to raise interest rates by 25 basis points, but deleted "further interest rate hikes" in its meeting statement, suggesting that it may pause interest rate hikes. The European Central Bank continued to raise interest rates, the rate hike was merely 25 basis points, much less than the increase of 50 basis points in the past three rounds of interest rate hikes. At the same time, the stock prices of regional banks in the US plummeted during the week. The First Republic Bank of the United States was taken over. The escalation of the banking crisis jittered the market.