The US market ended the week up 5.7%, which saw it finish 12.7% off its February highs, having been down 18.9% at its weakest point and very close to bear market territory. Most other markets finished the week slightly lower, with the local NZX 50 down 1.7%. Despite last week’s partial tariff backtrack from the White House, the US 10-year bond yield ended the week at 4.5%, up from just under 4.0% seven days earlier. That was the biggest weekly jump since 2001, and it comes as investors exit US assets in favour of other jurisdictions. The US dollar index fell to its lowest level since July 2023, and the greenback is down 9.0% from where it was in mid-January.

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“What did the council decide on item 42?” — answered with the speaker and the moment.