Moody's downgraded the US, the last of the "big three" to strip the US of its triple-A rating. I suspect a muted reaction, at least initially, in the UST market. Stocks might take it worse. I also cover Walmart and its comments on tariffs.

For investors, it is not easy staying focused these days on the substantive economic and business data that matter for your portfolio....

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

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

Not a lot of news this week aside from the debt ceiling discussions and earnings from US retailers Walmart, Home Depot and Target.

Poor US retail earnings and a more pessimistic outlook for FY were the catalysts driving US equities this week. EM was the best performer.