US equities were mostly lower for the week, with the S&P, Nasdaq, and Russell extending last week's slides. Trump 2.0 policy uncertainty remained a key focus, with Trump this week reiterating plans to impose 25% tariffs on Mexico and Canada next week and announcing a further 10% levy on Chinese goods. The January core PCE report was a bit of an anticlimax, coming in largely in line and consistent with expectations weighting differences would translate into a cooler read than was seen with CPI earlier this month.