Markets pulled back, yields held steady, and commodities drifted, the kind of week that looks quiet until you realize how much uncertainty is packed into the silence.

The story hasn’t changed: inflation’s easing, growth’s hanging on, and the Fed’s next move depends on reports that still haven’t printed. In a data vacuum, confidence becomes its own asset, and this week, even that felt thin.

Markets can price risk, but not guesswork, and right now, there’s too much of the latter.