A US-Iran ceasefire offered markets a brief reprieve, driving a sharp rally in risk assets and pushing the S&P 500 to its strongest weekly performance in months. Yet “warflation” remains the dominant theme — sticky PCE inflation, elevated oil prices, and a near-closed Strait of Hormuz are forcing central banks to recalibrate toward higher-for-longer rates. Gold, tech, and industrial metals emerged as the week’s standout performers amid the cautious optimism