The FOMC fell in line and served up an expected "hawkish rate cut". However, both Oracle and Broadcom – key players in the A.I. boom – saw their shares sink for different reasons, with the common denominator being A.I. valuation concerns. Yields were higher and gold rallied.

US Treasury yields are stuck, with the 10y UST yielding just north of 4%, What might be coming next? This article presents the factors that will influence the next gap up or down in UST yields.

Stocks liked the economic data that was released this week, even though it was still light on official data as the US government recovers from its recent closure. Bond investors less happy, as yields gapped higher across the curve. All eyes are now on next week's FOMC meeting, where a 25bps reduction in the Fed Funds rate looks fully priced in.

The weekly update covers NVDA's excellent earnings; the A.I. shine which is wearing off; the minutes from the last FOMC meeting (Oct); and the fall of Bitcoin.

The U.S. government reopened this week although – coincidentally or not – U.S. equities swooned. The issue remains full-on valuations of U.S. stocks coupled with growing concerns with the enormous amounts of A.I. spend being put forward by many tech companies.

A.I. featured large again last week, mainly because it was the key talking point as five of the Mag 7 companies released earnings with mixed results. The FOMC decision also went as expected, although Mr Powell threw some caution into the wind. Global stock markets took it in stride, but the US Treasury market was less happy as yields rose across the curve. Gold was weaker again, and the US Dollar strengthened.

Writing this weekly update is starting to get boring, because everything goes up every week, or so it seems.  Having said that, one casualty this past week was gold, which finally seems to have come off the boil.  The price of gold declined nearly 6% on Tuesday, and then stabilised but still ended down 1.8% on the week, the first weekly decline in the price of this safe haven precious metal since mid-August.  All global equity indices were higher (yawn) on the week – most end

We have some US data coming that might matter today (CPI), but the FOMC will sit tight (also today). Discusses Apple's run and GameStop.

Get ready for the next FOMC meeting and a market rip following the debt ceiling agreement. Want to better understand semiconductors?