Assets

• Cross-assetMarkets are running a soft-landing, risk-on trade after cooler US inflation data — but the bond market is split in two, and that's the sharpest tension across assets right now.
• GoldGold: published research this week is uniformly bullish — the debate is about horizon, not direction.
• SilverSilver is drawing a bullish tone from published research this week, though the near-term case hinges on gold leading the move.
• CopperCopper's bull case is showing up across published research this week — from two different angles that reinforce rather than contradict each other.
• OilPublished oil research is leaning uniformly bullish — but the story is about supply and geopolitics, not booming demand.
• Natural gasEuropean natural gas is the one commodity flashing higher across today's research, with published views converging on prices staying elevated or pushing toward year-to-date highs.
• BitcoinPublished research this week lands firmly bullish on Bitcoin for the long haul, with multiple analytical camps flagging current levels as attractive entry points.
• US equitiesUS equities are drawing a broadly bullish tone across published research this week — with one sharp exception.
• European equitiesEuropean equities are catching a constructive bid today, according to freshly published research.
• US bondsPublished research this week is coalescing around a clear message on US Treasuries: long-end yields are heading higher, and the curve is set to steepen — even as a tactical camp sees near-term relief at the front end.
• EU bondsPublished research this week points in one direction on European bonds: yields are heading higher.
• EUR/USDPublished research this week leans bullish on the euro against the dollar, across both tactical and strategic horizons.

Macro

• Macro themesToday's dominant macro story: published research broadly agrees the Fed's next move is a hold, even as long-end Treasury yields keep pushing higher for structural reasons.