Overall, the data reinforces a resilient growth environment with pockets of moderation, where strong manufacturing and firm labor conditions offset softer (but still expanding) services activity. Combined with tighter energy markets and a cautious Fed, this keeps inflation risks tilted to the upside, likely sustaining elevated rate expectations, upward pressure on yields, and a selective equity backdrop.

Last week was centered on inflation and consumer demand, with housing and labor data helping round out the broader economic picture.

Last week was a busy one for economic data, with key reports across labor, housing, and both business and consumer sentiment, adding important context and nuance to an increasingly complex economic backdrop.