The probability of a rate cut in March is low, and according to Fed officials, there could be three rate cuts this year, and the market has already expected such a pace of rate cuts. In addition, the ISM Non-Manufacturing Purchasing Managers' Index, an important measure of non-manufacturing economic activity, was released yesterday and has reached its highest level in four months, indicating that the non-manufacturing sector has maintained strong growth. Then the concern is that there has also been the biggest increase since 2012 on the procurement costs, which means that procurement costs are currently at very high levels and could trigger inflationary pressures. At the same time, U.S. two-year and 10-year Treasury yields have risen, leading to some doubts about the need for short-term rate cuts.