The Fed finally cuts the Fed Funds rate and moves to an easing path which shockingly (sarcasm), gave equity investors another reason to send stocks higher. Treasuries though said "meh", and yields even rose at the long end of the curve.

The bottom line is that global stocks ended at or near record highs again, with US Treasury yields slightly higher. The BoE – after a struggle – managed to lower its policy rate. Fitch published an interesting article on tariffs, Apple CEO Tim Cook met with the president, and the recent Pivot podcast interview with Anthony Scaramucci is very interesting.

None of the three major central banks that had monetary policy meetings this week – including the Fed, the BoE and the BoJ – changed their monetary policy approach, although central banks in Switzerland, Sweden and Norway all eased. Markets remain slightly on edge because of the growing Middle East conflict.

All eyes have been on the 2025-26 US budget discussions in the House this week, with the "big beautiful bill" getting through (albeit barely) and heading to the Senate. Professional bond and currency investors are signalling concern, visible in higher UST yields and a weaker US Dollar.

Markets continued to stabilise this week, at least as far as risk assets including global equities and BTC. Other assets moved sideways.

Most focus this week was on the FOMC decision, which was initially viewed as slightly dovish before reality sat in. Markets were mixed.

Last week was the second week running that the start of the week was characterised by turmoil, this time caused by tariff threats. Mr...

The week started and ended poorly for US stocks, delivering losses for the week. European stocks have been the best performers YtD.

Global equities staged a nice rally last week, and government bond yields fell in the US and UK. Oil, gold and Bitcoin were all higher.