US labour market data, that confirmed the good state of health and resilience of the US economy were at the heart of market dynamics last week. This triggered profit-taking on the US stock markets and pushed up US government bond yields, that priced in the increased likeliness of the Fed slowing its interest rate cut cycle. The  future path of US rates, in light of the growth-inflation mix, remains the markets’ main concern: anticipation is high ahead of the inflation reading this week. Stefano Cucchi, of Eurizon’s Macro Research & Product Specialist team, takes a closer look. Audio recorded on 13 Jan. 2025.