Recently, there's an interesting market phenomenon worth discussing.

The data looks good—GDP growth of 4.2%, far exceeding the expected 2.5%. Logically, this should stimulate the market to rise, but in reality, the opposite has happened, with the market instead stagnating or even declining.

The reasoning behind this is also intriguing. Market veterans think: good data means inflation pressures might emerge, and the Federal Reserve could be forced to raise interest rates. So even positive news, traders are worried about subsequent policy tightening, and they choose to wait and see or even reduce their positions.

This creates a paradox—strong economic data actually becomes a reason to suppress the market. Decades ago, this was almost unthinkable. Back then, good news was simply good news, and the market would react directly without overthinking what the central bank's next move might be.

One perspective is quite accurate: fundamentally, it's still a liquidity tightening issue. Investors have become smarter—they won't blindly buy on good news. Everyone is waiting, watching, and calculating the risk-reward ratio. Under this cautious attitude, even the best economic data can seem pale.

What the market needs is a virtuous cycle—good news corresponds to rising, bad news corresponds to falling, rather than all positive signals being pre-priced as policy tightening.