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Global bond markets finally found their footing last week, and currency markets followed suit.
The relentless sell-off in government bonds worldwide remained the dominant force in financial markets last week.
The steady grind higher in bond yields worldwide continues to be the central development for financial markets.
The Federal Reserve's September meeting delivered an interest rate hike and unmistakably hawkish message last week, making it clear that the central bank is squarely focused on bringing down inflation.
August inflation data out of the US did nothing to allay fears that the Fed's inflation target is still out of reach, triggering investors to price in a near certainty of a hike this week.
Friday's stellar US jobs report has ratcheted up the pressure on the Fed ahead of its September meeting, with investors now leaning toward a rate hike rather than a hold.
Dollar weakness amid debt concerns set the tone for markets last week.
US inflation for July came out exactly as expected last week - other than that, there was little news elsewhere to move markets.
July was a relatively calm month in the foreign exchange market before activity exploded into life at the eleventh hour.
Uncertainty surrounding last week's Federal Reserve meeting was unusually high. In the end, not only did the Fed not raise rates, but chair Warsh sounded rather dovish.
The Iran war has dragged on for longer than markets had anticipated in the spring, which is creating a challenging backdrop for emerging market currencies.
Markets are finally beginning to take notice of the renewed US-Iran hostilities and surge in oil prices, which last week jumped back above $100 a barrel.
