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The market is weighing softer hiring against inflation pressure from energy and high long-term rates. Last week’s rebound suggests investors are still willing to give a slowdown the benefit of the doubt, but that could shift if services data show stubborn price pressure or the Fed minutes point to restrictive policy lasting longer. I’m watching whether this week supports a workable disinflation story or brings a tougher mix of slower growth and persistent inflation.

This week’s summary isn’t available yet. This is the most recent update.