Core Viewpoint - The article discusses the current market conditions, emphasizing the impact of Federal Reserve interest rate expectations and the resulting market volatility, particularly in the stock and bond markets. Group 1: Market Conditions - The Federal Reserve's interest rate cut expectations have cooled, leading to a significant decline in the stock market, while bond market rates have slightly increased [5]. - The market sentiment is described as "breathing below 4000 points," indicating a challenging environment for investors, with the stock market experiencing a downward trend [5]. Group 2: Financial Data - The central bank conducted a 7-day reverse repurchase operation of 375 billion yuan, with a net injection of 162.2 billion yuan after 212.8 billion yuan of reverse repos matured [3]. - The interbank funding rates showed a slight decline, with DR001 around 1.32% and DR007 at approximately 1.44% [3]. - The weighted rates for various repo codes are as follows: R001 at 1.39% (+1 bp), R007 at 1.50% (-1 bp), and R014 at 1.54% (-1 bp), indicating minor fluctuations in the rates [4].