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

• This week’s FOMC statements were perceived as relatively dovish as Powell emphasized the Fed’s data dependency, stating that decisions over further unusually large hikes would be taken meeting by meeting.
• The statements seem to have given markets some confidence that the worst may be over and a soft-landing not off the table, resulting in gains for equities, particularly technology stocks, and rising breakevens.
• Nestlé announced earnings this week, following other consumer staples giants reporting mid to high single-digit price increases across its portfolio. So far, consumers seem to stomach it well, and the company raised its growth outlook but still took a margin hit. This is in line with index-level data, indicating that the corporation’s unusually high margins in the U.S. and Europe are finally coming under pressure, offset by solid sales growth backing a still very robust EPS trajectory.

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