Cooling inflation data dominated the price action this week, but Citi's US macro surprise index surged to a fresh cycle high helped by sentiment and labor market signals... {chart} Sparking a dovish reaction in STIRs, with July fully-priced-in for a 25bps hike and then nothing to year-end, and then beginning to price in a rate-cut in Jan '24... {chart} That dovish shift sent the dollar reeling lower and everything else soaring. Nasdaq and Small Caps outperformed on the week but all the majors were significantly higher with The Dow and S&P managing greater-than-2% gains on the week... {chart} The ... (full story)