U.S. stocks hit record highs mid-week for two days running, but softened after worst-than-expected PPI data and eroding consumer confidence, released Thursday and Friday, put a dent in the animal spirits driving risk assets higher. UST yields rose, remaining stubbornly high and not very connected to what the FOMC might or might not do at the next FOMC meeting.

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.

Inflation continues to confound, although investors largely shook it off. Market volatility remains elevated but stocks better WoW.

Equities were better in the US and Europe. UST yields were marginally changed. Gold and Bitcoin soared to record highs. The Dollar was up

US stocks and gold hit more record highs. S&P 500 earnings mixed: banks strong, chip companies mixed, luxury struggles.

The S&P 500 closed at a record high. European and EM stocks slumped. USTs also got hammered. Davos and economic data drove sentiment.

Economic data remains mixed, but it is clear inflation is slowing in the US and Europe. Investors are all-in on a faster pivot, markets up.

Although the advance in equities slowed, it certainly did not stop even as yields pushed higher off of better-than-expected PMI data.

Stocks and bonds rallied hard this week, with stocks first getting a boost from better-than-expected earnings, and then by disinflation data