Recent US economic data shows mixed signals, but Wall Street folks are obviously looking for good news to hype. The unemployment rate is falling, the retail sector remains resilient, and long-term government bond yields are still holding high—what do these signals mean to the market? The economy can still continue to grow.

In simple terms, investors are now focusing on these data points, trying to piece them together into an optimistic story. This shift in sentiment is worth paying attention to because it directly affects asset allocation logic. Economic expectations have changed, and so has the flow of funds. Although the overall macro picture remains uncertain, market sentiment indeed leans towards optimism about the future—this has reference value for the valuation of various assets.