On Friday the widely followed US PCE inflation data was published, and it tied a neat bow around this thesis with broad based inflation measures covering core as well as volatile items like food and energy higher than expected.Last week, the S&P 500 traded in a 3% range, having done a 2% round trip on Thursday, followed by a 3% fall on Friday after the inflation data release and then another almost 2% round trip yesterday. Emerging markets were the worst performing, down 4% for the week. Taking a step back though, most equity markets haven’t given back that much of their gains from January, while Europe and the Nasdaq remain up 10% for the year.