The major US equity indexes ended higher for the week, with the S&P 500 Index and Nasdaq rounding out on Thursday their best monthly gains (8.9% and 10.7%, respectively) since July 2020. Falling Treasury yields seemed to continue to boost sentiment, and a broad index of the bond market recorded its best monthly gain since 1985. On the macro side, inflation continues to cool down. In the US, the core personal consumption expenditures (PCE) price index rose 0.2% in October, a slowdown from September. The yoy increase is down to 3.5% — the lowest level since April 2021. Other US data offered some evidence of “soft landing”: Personal spending rose 0.2% in September (its smallest increase in six months), housing starts surprised on the downside while weekly jobless claims continuing claims jumped much more than expected to 1.93 million, their highest level since November 2021. On Friday, Fed Chair Jerome Powell's speech was slightly less hawkish than expected as he acknowledged that interest rates were now “well into restrictive territory”. His comments pushed the US 10-year note down to 4.21%, a 3-month low. In the Eurozone, inflation rate continues to drop, although policymakers said it’s not time for rate cuts. The STOXX Europe 600 Index ended the week 1.35% higher while euro bond yields dropped. Chinese equities retreated as official indicators underscored concerns about the country’s fragile recovery. The dollar plummeted while Gold hit a new all-time high ($2,075). Bitcoin hit $39k.