#美联储货币政策 I have seen this situation a long time ago, it is somewhat similar to the stock market bubble in the early 1990s in the United States. Now, Fed officials are speaking out, worrying that asset prices may crash, which reminds me of Greenspan's warning about "irrational exuberance" back then. History is always remarkably similar.

Take a look at the current situation: the stock market is booming, credit is loose, and there is an AI frenzy... it is almost identical to the internet bubble of the past. The risk points mentioned by Cook - private credit, hedge fund operations, and AI trading - all remind us of the madness at the end of the last century.

The most interesting thing is that the Fed is now in a dilemma: inflation is not fully under control, but the market has already begun to anticipate interest rate cuts. The statements from Hamak and Gursby show that they are quite wary of this. After all, everyone remembers the consequences of the interest rate cuts in the late 1990s that stimulated the economy.

However, it should be noted that each era's bubble has its own characteristics. The impact of AI this time may be more far-reaching than that of the internet. The Fed mentioned that AI could lead to a chaotic decline in the stock market, a concern that did not exist over 20 years ago.

After experiencing several rounds of ups and downs, my advice is: stay vigilant, but don't panic. The market always has cycles; the key is to assess the situation and manage risks effectively. After all, crises often give birth to new opportunities.