16 COUNTERPARTIES TAKE $885 MLN AT FED REVERSE REPO OP. (PREV $777 MLN, 6 BIDS)

生猪主力合约快速走低，现报9900元/吨，日内跌1.25%。

Retail investors are retreating from dip-buying strategies amid heightened market volatility tied to the U.S.-Iran conflict. JPMorgan data show retail flows fell to $3 billion in the week of March 19–25, below the $6.8 billion 12-month average, with purchases at 30% of pre-war levels. The S&P 500 has dropped about 5% since late February. Vanda Research said, “The trend since the start of March has been one of gradually receding retail participation, alongside systematic deleveraging and only modest buying from long-only and hedge fund investors.” JPMorgan’s Arun Jain added, “Monday stood out as particularly weak… retail appeared to capitulate — turning net sellers for the first time in 9 months as they ‘sold the rip.’”