US equities were lower this week, with the S&P 500 and Nasdaq both down for a second-straight week (and the S&P off for the fourth week in the past five). Following Friday's blowout December payrolls report, the 2Y yield touched the highest level since October and 10Y the highest since November 2023. After payrolls, market pricing showed less than 30 bps of rate cuts for 2025, down from nearly 50 bps in recent days, with the next cut priced in for October.