ME message, December 14 (UTC+8), crypto researcher 0xNing0x posted on platform X, stating that the reason for the decline in U.S. stocks and Bitcoin after the Federal Reserve's interest rate cut this month is due to the changes in the shape of the U.S. Treasury yield curve before and after the rate cut. This time, the Federal Reserve's monetary policy "triple play"—cutting interest rates by 25 basis points, starting short-term bond QE, and guiding expectations for one rate cut in 2026—has fine-tuned the steepening process of the U.S. Treasury yield curve. This "bullish steep" shape will dominate the trends in the global financial market from now until the first quarter of next year, with overvalued assets like U.S. stock AI stocks and Bitcoin, which are overly optimistic about the rate cut expectations, continuing to face pressure, while U.S. dividend stocks (bank stocks and industrial stocks) will enter a valuation repair cycle. (Source: ME)