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

• Are we back to the pre-2020 market where weaker economic data often lifted equity prices as investors bet on the “Fed-put”?
• This week recent lacklustre economic data fueled traders’ hopes that the Fed won’t need to tighten that much to cool the economy, tame inflation, and manufacture a soft landing.
• U.S. markets jumped by more than 6% and paved the way for a recovery in risk assets in the rest of the world. Not surprisingly, the recovery was led by previously beaten-down Growth, Quality and Momentum stocks.
• Cryptocurrencies recovered after Bitcoin had dipped below 20.000 for the first time in years. Meanwhile, benchmark yields fell across the curve, and high yield spreads retraced.

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