Mankind invented a system to cope with the fact that we are so intrinsically lousy at manipulating numbers. It's called the graph.

Quick recap

• Wednesday’s FOMC press conference fueled investors’ worries about increasingly tight U.S. monetary policy as Jay Powell refused to rule out the possibility of a rate hike at every meeting this year.
• The hawkish statement emphasized the economy’s strength alongside the increasing risk of overheating and initially triggered another decline of U.S. equities and cryptocurrencies.
• Gold, defensives, growth, quality and momentum continued to underperform this week as benchmark rates moved higher.  
• After a small rebound last week, China become the worst performer this week.
• Investor focus next week will likely be on the labour market and the ECB press conference.

Chart of the week

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