Stocks bounced around but closed the week higher, with both the S&P 500 and the NASDAQ closing at record highs on Friday. US Treasuries were ever-so-slightly better bid, with yields falling a few bps across the curve, Oil remains elevated. Gold and the US Dollar rose, while the Japanese Yen and Bitcoin fell. This week S&P 500 earnings will kick off with the six largest US banks reporting. JNJ, ASML and TSMC will also release results. The FOMC is week after next.

The Fed, Bank of England and Bank of Japan delivered monetary policy decisions largely as expected last week, soothing bond investors who remain concerned about the cost of government borrowing globally. Stocks were mostly weaker with the exception off Japanese equities and the NASDAQ.

Stocks and bonds both got hammered, although global stocks did claw back some of the weekly losses during a strong session on Friday. Inflation in the US for August came in as expected, but was higher than in July setting the stage for a likely increase in the Fed Funds rate at this week's FOMC meeting. Consumer confidence tanked, and President Trump presented the idea of a "Trump Dividend" if Republicans carry the House and Senate. That's simply a stupid idea, but hey....

A volatile month draws to a close, with global bond yields higher as inflation expectations remain elevated. With no sign of the end of the Middle East conflict, investors very much remain on edge. Ongoing concerns regarding A.I. spending are also weighing on sentiment.

Markets ripped off the back of a 2 page MoU between the US and Iran that reopened the Strait of Hormuz. The FOMC meeting had its first session under new chair Kevin Warsh, and he sounded even more hawkish than Mr Powell. SpaceX rocketed ahead 42% in its first (almost) full week of life. That's insane, but go ahead – load up! Friday was a holiday in the US.

"....That being said, let’s motor on to what really matters in the coming days – May CPI in the U.S. (released yesterday), upcoming central bank meetings, the SpaceX IPO which is on the launch pad (no pun intended), and U.S. social security."

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.

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?