PANews reported on May 23 that CICC Research believes that the cold reception of the simultaneous auctions of US and Japanese bonds and the upward interest rates may reflect the current tightening of global liquidity. As an important financing currency, the spillover effect of insufficient liquidity of the Japanese yen may accelerate the "triple kill" of US stocks, bonds and currencies. We remind you again that with the imminent passage of Trump's "one big beautiful bill" and the resolution of the US debt ceiling issue, the Ministry of Finance may focus on releasing new US bonds in July-September. The risk of the US market suffering from a systemic liquidity shock is increasing, and the urgency of the Fed to start QE and other expansion policies to save the market is increasing.