Macro Pilgrim's Ledger: Market Recap, Fed Liquidity Focus, and Gold's New High

Weekly market analysis: US stocks mixed, yields fall on soft data, central bank rate cuts/hikes, and gold/silver hit new highs.

“Walking the path of global markets, one step at a time.”

Markets closed the week in a cautious but generally stable posture as investors digested delayed U.S. economic data, central bank signals, and year-end positioning.

U.S. equities finished the week mixed, with leadership remaining narrow. Large-cap indices were relatively resilient, while broader participation lagged. The Nasdaq outperformed on a relative basis, while small-cap equities underperformed, reflecting continued sensitivity to growth and financing conditions.

Treasury yields moved lower on the week, particularly at the front end, as softer inflation data and a cooling labor picture reinforced expectations that policy rates are near their peak. Longer-dated yields also declined, though by less, resulting in a modest flattening bias rather than a decisive curve shift.

Precious metals strengthened with gold finishing the week higher, supported by lower yields and steady demand despite a firm dollar backdrop. Silver also advanced and finished the week at an all-time high. Energy prices softened over the week as supply considerations outweighed geopolitical risk premiums, keeping crude under pressure.

“There is nothing so disturbing to one’s well-being and judgment as to see a friend get rich.” — Charles Kindleberger