Concerns regarding tariffs and trade rhetoric faded a bit in the second half of the week in the U.S., which gave way to decent economic data and a strong start to the earnings season. The S&P 500 and NASDAQ hit record highs (again). Yields were under modest pressure at the long end of the curve.

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.

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.

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.

Confident that another stellar year for U.S. stocks was coming to a close, investors were jolted from their complacency when the Federal...

Last week was mainly about the US election, which D Trump and the Republicans won in a landslide. The "Trump trade" was full on.

Last week was mainly about a trifecta of central bank decisions, with most attention focused on the Fed. The Fed Funds rate was reduced .50%