The past week delivered no shortage of surprises, yet markets ended it with remarkably little conviction. Key macro data and central bank decisions challenged prevailing assumptions, but follow-through across major assets proved elusive.
US economic releases hinted at a faster cooling in both employment and inflation. Under normal circumstances, that combination would have fueled enthusiasm for deeper policy easing from the Fed. Instead, markets paused, choosing caution over commitment.
The result was indecision across major asset classes. Equity benchmarks failed to break free from recent ranges, bond yields wobbled without direction, and Dollar drifted rather than trended. The sense was not disbelief—but doubt.
Elsewhere, Sterling narrowly avoided what had looked like an inevitable slide. A surprisingly hawkish rate cut from the BoE shifted the tone just enough to halt bearish…
