In the fundamental environment of cyclical bull market and repeated epidemics, consumer investment has been hit hard. Although overseas interest rates have been raised continuously, and even the yield of Chinese and American government bonds has reached the upside down level, the central bank has maintained a relatively stable policy orientation. In the case of extremely loose funds and insufficient assets, the yield has dropped to a very low position, almost maintaining the level during the epidemic in 2020 for half a year, which is relatively rare. In fact, by the end of 10, the bond market was already excellent, and only bad news came into play as the last straw. After 1 1, there were some signs of capital shortage at first, and the price of interbank deposit certificates began to soar until the real estate stimulus policy and the signal of1/weekend epidemic relaxation completely shattered market expectations. The continuous plunge these days is rare in history, and a large number of financial redemptions began to appear after the plunge a few days ago. Due to the pressure of net worth, many products have to be sold in the secondary market, forming a vicious circle. When can it stop? It depends on how long it takes for this round of bond market to adjust the digestive cycle. Today, the central bank has made a lot of net investment, but the future policy orientation will certainly not adopt the previous stimulus policy. A steady increase in the rate of return is an inevitable result, and short-term sharp fluctuations are not what the central bank wants to see.