Friday’s strong jobs report sent 10-year Treasury yields up over 4.5%, as a resilient labor market could mean the Federal Reserve keeps rates higher for longer, but there was little movement in the US Dollar last week.

while, the Fed’s latest meeting minutes didn’t exactly signal a more dovish shift, keeping rate-cut hopes in check. By the end of the week, a late boost came from encouraging comments about potential talks between Presidents Trump and China’s Xi and a better than feared inflation report, helping stocks close out a volatile stretch with relatively solid gains.

The biggest shock came Friday morning when President Trump made surprise comments about potentially placing steep tariffs on Apple products and imports from the European Union. These sudden threats, especially after previous talks of exemptions, raised questions about where U.S. trade policy might be headed and apparently caught markets off guard.

Also helping provide a boost, inflation data showed signs of cooling. Both consumer and wholesale prices came in lower than expected, which supports the case for the Federal Reserve to consider cutting interest rates in the near future.

The US and China struck a temporary deal halting reciprocal tariffs for 90 days and the futures markets are screaming higher as of this writing. This may well be the key driver of this week’s trade.