According to CoinMeta, Lacy Hunt indicates that since December, the Federal Reserve has been implementing a form of "hidden easing." He points out that we are experiencing a significant structural shift in capital shortages and the end of globalization over the past thirty years, which has led to notable deflation. He is now less optimistic about long-term U.S. bonds and favors gold instead. Hunt believes that inflation will continue to exist, with greater inflationary volatility in the future, and interest rate trends will rise, with overall economic performance being poor. He notes that the capital shortage cannot be resolved by the Federal Reserve increasing the money supply; actual investment requires support from savings. Hunt also mentioned that since mid-December, the Federal Reserve's balance sheet has expanded by about $200 billion. Despite the market's general belief that the Federal Reserve has taken a hawkish stance, they remain net buyers of government bonds.