The synchronization of global economic growth in 2017-18 has weakened，and the process of normalization of monetary policy has also diverged. While the Fed continues to raise interest rates，the central banks of other major developed countries generally keep interest rate policies unchanged. On the international financial market，the appreciation of the US dollar is significant，the currencies of emerging economies have generally depreciated，and the global debt problem has further deteriorated. The uncertainty caused by the escalation of trade friction initiated by the United States has caused market risk aversion was raise and international financial risks rise to a higher level. At the same time，the yield of major government bonds showed a non-synchronous trend，and the trend of the global stock market has diverged significantly，the foreign exchange market has experienced great turbulence，some countries’ exchange rate depreciated sharply，and there were signs of currency crisis. Going forward，the Fed will still raise interest rates，and the normalization of monetary policy in major countries will gradually advance，but it is expected that the spreads will appreciate the US dollar. Future trade friction trends，geopolitical changes and other factors will bring significant uncertainty to the financial market，which in turn will affect market trends and capital flows.