Most US equities indexes ended the week lower, although the tech-heavy Nasdaq Composite advanced modestly and cleared the 20,000 mark for the first time. The Russell 2000 Index recorded a second consecutive week of underperformance against the S&P 500 Index. Growth stocks posted a third consecutive week of outperformance versus value, thanks in part to gains in shares of Tesla (12%) and Alphabet (8.4%). On the macro-economic side, stagflation fears started to rise once again. Indeed, YoY CPI and PPI both accelerated. Meanwhile overall macro surprises disappointed for the fourth week in a row: on Thursday, the Labor Department reported a surprise jump in weekly initial jobless claims to a two-month high of 242,000. According to the CME FedWatch Tool, futures markets are now pricing in a 97.1% chance of the Fed cutting rates at its upcoming meeting, up from 86.0% at the end of the prior week. U.S. Treasuries delivered negative returns heading into Friday as Treasury yields increased across most of the yield curve. In Europe, both the ECB and SNB cut rates (25bps and 50bps respectively). The dollar was up for the 6th straight day today, testing post-election highs. Gold managed to hold on to gains for the week. Oil prices had a big week as geopolitical tensions dominated supply glut concerns pushing WTI back above $71 - near pre-election highs. Bitcoin ended the week back above $102,000 having tested and found support at the $100k level.