Market complacency, volatility risks are accumulating

⑴ Bank of America warns that the combination of complacency in the market and a lack of urgency at the policy level is creating a volatility risk. ⑵ According to the institution's data, U.S. equity funds saw an outflow of $1.42 billion in the past three weeks, the largest since January, and the signs of capital withdrawal are worth noting. ⑶ Currently, U.S. Treasury yields have risen sharply, crude oil prices remain above $100, and diesel prices are at historical highs, and the overlap of multiple pressures is putting risk assets to the test. ⑷ With stickiness in inflation, high energy costs, and policy divergences coexist, investors' position adjustments may amplify market volatility, and future attention will focus on whether inflation data and central bank statements can ease the tension.