Markets remained risk-on on Friday, with China's 10-year bond yield hitting a 20-year low, European fixed income markets rallied on dovish comments from the ECB, and investment demand for new bonds remained fairly healthy despite a large supply of bonds.

Sell-side economists have also been revising up their US economic growth forecasts, with the consensus view that the probability of a recession has fallen to less than 40%, with the median forecast for economic growth in 2024 at 2.1%. In addition, Goldman Sachs has officially postponed its forecast for the first Fed rate cut to June due to strong economic data, although they still expect the terminal rate to fall to a low of around 3.25-3.5%.

The technology sector lagged slightly on Friday as profit-taking took place after a stunning rally, but stocks remain near all-time highs. Hedge funds and mutual funds have both taken large equity exposures since the beginning of the year, so both active and passive managers have had strong results so far this year.

Corporate earnings continue to recover, with earnings forecast to continue growing into 2025, and 36% of SP companies mentioned “AI” in their quarterly earnings calls, with the theme continuing to drive profits and sentiment.

In crypto, prices have similarly leveled off after a recent rally, though the overall mainstream narrative continues to improve. Reddit recently announced in its S-1 (IPO) filing that they have invested some of their excess cash in BTC and ETH, and expect to continue using them to pay for certain virtual goods in the future.

Meanwhile, retail participation continues to improve, with JPM reporting larger inflows to smaller wallets (i.e., retail) than to larger institutional wallets. Net Bitcoin purchases by retail platforms such as Block, PayPal, and Robinhood also rebounded in 2023, while Coinbase’s fourth-quarter 2023 earnings also showed an increase in both institutional and retail trading activity.

You can search SignalPlus in the Plugin Store of ChatGPT 4.0 to get real-time encryption information. If you want to receive our updates immediately, please follow our Twitter account @SignalPlus_Web3, or join our WeChat group (add assistant WeChat: SignalPlus 123), Telegram group and Discord community to communicate and interact with more friends.

SignalPlus Official Website：https://www.signalplus.com