Assets

• Cross-assetHawkish Jackson Hole flipped the script: markets are now pricing a Fed hike, not a cut.
• GoldGold's structural bull case dominated research desks this week, even as tactical caution crept in near month-end.
• SilverSilver stole the show this week, with published research broadly bullish on the white metal as a leveraged play on the gold rally.
• PlatinumPlatinum joined the precious-metals rally this week, and published research is leaning firmly bullish.
• CopperCopper hit fresh record highs this week, with published research overwhelmingly bullish on the structural story even as tactical caution crept in.
• OilOil whipsawed this week as traders juggled diplomacy against entrenched supply damage — and by Thursday, the published tone leaned firmly bullish again.
• Natural gasNatural gas research skewed firmly bullish this week, on both sides of the Atlantic.
• BitcoinBitcoin's week: debasement euphoria met a hawkish reality check.
• US equitiesAI-driven optimism kept mega-cap tech in the driver's seat this week, but researchers grew noticeably more cautious on breadth and near-term positioning.
• European equitiesEuropean equities drew a broadly constructive tone from published research this week, with the DAX repeatedly flagged as poised for modest gains and Euro Area earnings momentum finally turning up after three years of…
• US bondsYields pushed higher across the curve this week as Fed Chair Kevin Warsh's Jackson Hole speech landed decisively hawkish, forcing markets to reprice toward hikes rather than cuts.
• EU bondsEuropean bond yields kept grinding higher this week, with the long end under particular strain from supply, fiscal worries, and a still-hawkish ECB.
• EUR/USDEUR/USD spent most of the week riding a softer dollar story, before late-week research began flagging reasons for caution.

Macro

• Macro themesHawkish Jackson Hole rewrites the rate path — and a North American trade war escalates.