Despite the gradual increase in volatility, the signs of a bear market are not obvious, although investors may have to endure a steeper decline if they want support from Trump or the Federal Reserve. Karim Chedid, head of investment strategy at BlackRock EMEA, said on Tuesday that the "Fed put option" could be removed because the central bank could keep interest rates higher for longer in the context of sticky inflation. In addition, the Trump 2.0-era president has cared less about the stock market than the first time. Lindsay Rosner, head of multi-sector investment at Goldman Sachs, said the Trump administration is focused on the 10-year Treasury yield, and "if it gets to around 5.5%, I think it's a cause for concern." I think the question of when the central bank will step in and when the U.S. government will care is a much more distant one than people thought two months ago. "