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

• Equity markets retraced during this volatile week with the exception of China.
• While the first weeks of the year were characterized by strong style and sector rotation towards cyclicals and value, this week brought a pronounced risk-off move.
• Government bond yields and crude stabilized, while credit spreads widened
• The week also brought a pronounced sell-off in crypto-assets, with major currencies experiencing double-digit losses.
• Next week will provide further indication of the future path of U.S. monetary policy as the FOMC will hold its press conference.

Chart of the week

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