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On July 27, the Federal Reserve announced that it would raise the benchmark interest rate by 75 basis points to the range of 2.25%-2.50%, which is 75 basis points for two consecutive interest rate hikes. The interest rate returned to a high level in 2019, which is near the peak of interest rates. However, the Fed’s rate hike is not over, and the market expects another wave of rate hikes in September. The impact of interest rate hikes has been significant in many areas, including the stock markets in China. This paper is based on Stata to analyze data, selecting the stock indexes in China (Shanghai Composite Index, Shenzhen Component Index) and the U.S. (Nasdaq Index, S&P 500 Index) and intercepting their yields after June 2021. The VAR model and ARMA-GARCH model are used to analyze the data, studying how the Chinese and U.S. stock indexes have been affected by the U.S. monetary policy, and making suggestions for the future development of the Chinese stock market based on data analysis.

To analyze the price discovery function of the rapeseed oil futures market is not only helps to improve the price formation mechanism of the oil futures market, but also constructive to the real economy, and promotes the development of the rapeseed oil industry. In this paper, we take the daily price data of the main contract of rapeseed oil futures of Zhengzhou Commodity Exchange from January 2019 to December 2021 and daily spot price as samples. The empirical analysis was undertaken by Stata with the VAR model, Granger model, VECM model, impulse response, and variance decomposition. It was found that the spot price of rapeseed oil played a dominant role in price discovery, while the futures market does not have the capacity for price discovery. According to the conclusion, this paper shows four suggestions to promote the price discovery function in rapeseed oil futures.