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.

Most U.S. stock indices were weaker WoW, except for the small/mid cap Russell 2000 which has strung together some amazing gains YtD (+7.9%). Other global equity indices were generally positive. USTs lost ground, and both gold and Bitcoin pushed higher. This all happened in a backdrop in which the U.S. president introduced a series of populist and interventionist proposals that are drifting wider and wider from Republican principals.