According to BlockBeats, U.S. bond yields took a slight breather last Friday. The core PCE data was basically in line with analysts' high expectations. At the same time, core services increased by 0.39% month-on-month, higher than 0.19% in February. Actual personal consumption expenditures also unexpectedly rose, and the economy and price pressures were more stubborn than expected. However, with U.S. Treasury positions approaching extreme bearishness and PCE results no worse than market expectations, rates slid about 3 basis points across the board and the Nasdaq gained 2% on yield moves and strong tech earnings. The FOMC meeting will be the main focus this week, but the market will also be affected by the US JOLTS and non-farm payrolls data before and after the meeting, while CPI and Nvidia earnings are expected to be the biggest market influencers later this month. On the cryptocurrency front, none of the major ETF products saw significant buying interest, with $84 million in outflows on Friday following a $218 million outflow last Thursday. Although still well above 2023 levels, CME’s BTC futures open interest has fallen sharply from recent all-time highs, with mainstream FOMO sentiment slowing significantly.
