My overall sense is a bit like this – US tech stocks suffered the largest outflow on record in the week ending March 8 2024. Virtual confirmation that the Fed will drop govt lending rates in June, which speaks of a moderately slowing economy and inflation cooling due to demand slowing up. Demand for labor is slowing as well. Portfolio flows are reducing risk appetite and re-allocating into money market funds, gold, and other assets, including crypto and foreign exchange, so the areas where risk appetite is strong is adjusting gradually…economy should cool a bit in spots coming up.