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Short-term interest rate futures prices indicate that the market expects the Federal Reserve to likely raise interest rates in December.The yield on UK two-year government bonds hit a new intraday high of 4.580%, rising more than 17 basis points on the day, the highest level since January 2025.The German DAX index fell by 1.00% on the day.Traders estimate a 50% probability of a Fed rate hike before October.On March 20th, during tonights earnings conference, He Xiaopeng stated that the companys AI-related R&D investment will reach 4.5 billion yuan in 2025. XPeng has established a self-developed full-stack physical AI technology system covering chips, base models, and AI Infrastructure. With this technology system, starting in 2026, the technological advancement of physical AI will accelerate significantly, mass production applications of physical AI agents will begin, and the scale will soon enter a steep growth curve. The company will continue to increase its AI-related R&D investment, with physical AI-related R&D investment expected to reach 7 billion yuan this year.