The tightness of monetary policy and fiscal policy not only has a direct effect on major asset returns, but also has an indirect effect on major asset returns through market sentiment. By constructing a conceptual model based on tacit knowledge dissemination, this paper explores the internal logical relationship between monetary policy and fiscal policy, market sentiment and major asset income, and proposes three research hypotheses: The tightening of macroeconomic policies will reduce the return of major assets; the tightening degree of macroeconomic policy will promote the market sentiment; the tightening degree of macroeconomic policy will further reduce the yield of assets through rising market sentiment. Then a variety of econometric test methods are used and the robustness test is carried out. The test results can well verify the three research hypotheses proposed. The above research conclusions can provide the basis and reference for the government to formulate relevant macroeconomic policies.