AI frenzy faces a "financing kill line" test? A well-known Wall Street strategist warns: until the dollar and Treasury yields peak, risk appetite will struggle to recover.

According to a research report released by the team led by Michael Hartnett, a senior strategist at Bank of America who is known as "Wall Street's most accurate strategist," as reported by the Zhitong Finance APP, risk assets will still find it difficult to escape deleveraging and selling pressure until there are significant signs that the dollar's rally has peaked and the energy inflation-driven surge in long-term U.S. Treasury yields of 10 years and above retreats from historically high ranges. It is reported that the Bloomberg Dollar Index has rebounded about 3% from its September low, reflecting investors reducing holdings of risk assets such as stocks and cryptocurrencies and rebuilding cash positions; at the same time, the yield on the "anchor of global asset pricing," the U.S. 10-year Treasury note, briefly touched 5.34% on October 1, setting a 24-year high (the highest record since 2002), before subsequently easing.