There are weeks when markets get one huge occasion to digest. Then there are weeks like this one after they get handed two inflation shockers, a Fed management change, and a Beijing summit — all in 5 days, all pointing in roughly the identical inconvenient course.
The U.S.-Iran ceasefire was nonetheless nominally alive at Monday’s open, however merchants barely wanted reminding it was on life help. What they hadn’t totally priced was simply how cussed U.S. inflation had develop into: CPI on Tuesday, PPI on Wednesday, and by the point Kevin Warsh took the Fed chair on Friday, the market’s rate-cut dream for 2026 had been quietly buried. In the meantime, Trump and Xi had a pleasing Beijing summit — nice meals, heat handshakes, zero progress on the Strait of Hormuz. The greenback cherished all of it. Here is how the markets fared.
