Honestly, I’ve been feeling a bit conflicted about the recent macro data. Rate-cut expectations are still there, and the U.S. Dollar Index hasn’t eased either—but risk assets are still rising anyway. It feels like the market is choosing sides with the “liquidity story.” Not following interest rates is also normal. I haven’t made any big changes to my position; I’ve just slowly moved a bit of the interest-rate-sensitive, high-yield bonds into stable-yield protocols. My steps are small, but at least I don’t feel awkward.

Yesterday, my roommate saw me staring at the K-line chart and said, “Your expression looks like you’re holding your breath the way you do during yoga.” I thought, actually, that’s what I’m doing—practicing. If my breathing rhythm gets thrown off, it’s easy to strain or injure something. How long this macro narrative can last, I don’t know. For now, I’ll keep my positioning steady—just don’t chase gains and sell in losses.