With official economic data still on hold, markets focused on signs of labor softening reflected in layoffs and survey results.

Announced layoffs surged to a 20-year high, consumer sentiment hovered near record lows, tariff uncertainty rattled markets…and the government stayed shut.

Despite the rate cut, expectations for more cuts this year declined following Chair Powell’s remarks.

This week, U.S. bond and equity markets moved higher on Fed easing expectations, favorable inflation data, and double-digit earnings growth (so far).