Stocks and bonds diverged last week, as volatility kicked into high gear especially around semi-conductor stocks. Yields came in across the curve as long term inflation expectations subsided. Gold and Bitcoin lost ground, and the US Dollar continued to grind higher.

Most global bond and stock indices rallied last week, with several global (including U.S.) stock indices closing at record highs. PCE data for April confirmed elevated inflation in the U.S., and the fact that consumers are getting poorer. This is a real contrast with the ever-higher improvement in most global asset prices.

There will be no "Fed put" according to Mr Powell, which rattled markets and evoked a response from Mr Trump. US equities slumped again.

Most focus this week was on the FOMC decision, which was initially viewed as slightly dovish before reality sat in. Markets were mixed.

Global equities staged a nice rally last week, and government bond yields fell in the US and UK. Oil, gold and Bitcoin were all higher.

The week started with a short-lived meme frenzy, which fade quickly. Slightly weaker US data then took centre stage.