While the tariff theme continues to rumble away, this week has been all about the economic data and trying to decipher whether the tariffs are showing up in US inflation.

While the tariffs theme continues to rumble away in the background, this week has been all about the economic data and trying to decipher whether the tariffs are showing up in the US inflation data, and the consequences for US interest rates as a result.

The consensus view in financial markets is that tariffs are on a deescalating path, but uncertainty remains high and there is a risk of complacency.