AI came back with a vengeance as equal weighted and small cap indices lagged. Inflation seems to be under control (by recent standards), which helped markets. We were a bit surprised how strongly the market reacted to PPI, as it is generally a tier 2 piece of data, and we seem to continue to underestimate how many people are very concerned about a rebound in inflation (we are not). But the big story seems to have been that we are back to a “soft” or “no” landing. Better than expected retail sales seemed to pave the way for many to ... Catalysts and What Type of Landing?