First let's quickly address yesterday's macroeconomic news. The U.S. data released yesterday and Thursday once again showed economic resilience. On June 29 local time, the final revised data released by the U.S. Department of Commerce showed that the U.S. GDP grew by 2% year-on-year in the first quarter of 2023, an upward revision from the previously released revised data. 0.7%, beating market expectations of 1.4%. Due to the strong growth of consumer spending, the final GDP growth rate in the first quarter was revised higher than expected. In the first quarter, the growth rate of the PCE price index, an inflation indicator that the Federal Reserve pays attention to, was slightly revised down, which was not as expected as the initial value. Last week, the number of people applying for unemployment benefits for the first time did not increase but fell by 26,000 from the previous month, the largest drop since October 2021. The day before the data was released, Federal Reserve Chairman Powell had just released a signal that two consecutive interest rate hikes this year may be possible. After the release of the data, the market expects the Fed to raise interest rates twice this year. Faced with the pressure of interest rate hike expectations, U.S. stocks performed differently, with technology stocks falling and bank stocks rising. The U.S. dollar index rose to a three-week high as the Fed’s interest rate hike expectations continued to strengthen, and non-U.S. currencies generally fell. The offshore yuan fell below 7.27 intraday against the dollar for the first time in more than seven months. Fidelity officially submitted an application for the listing of the spot bitcoin ETF. Bitcoin maintained its upward trend, but it did not rise as much as it did after the media broke the news that Fidelity would submit an application on Tuesday. Meanwhile, after hinting at the possibility of two back-to-back rate hikes this year, Fed Chair Jerome Powell said subsequent hikes would be less predictable. Moderating a discussion at an event on Thursday, 29 Eastern Time, Powell said it makes sense to continue to slow rate hikes as Fed officials try to find a level of interest rates that can both limit economic activity and inflation while avoiding an unnecessary economic downturn. breath pace.