The US Department of Justice has dropped its investigation of Jay Powell, signaling the end of a turbulent chapter for the Fed chair. This week’s Federal Open Market Committee meeting is set to be his final one, closing a period marked by market volatility. Meanwhile, the BoE and ECB face rate decisions, while tech earnings from Alphabet, Microsoft, Amazon, Meta, and Apple loom large.

The rally’s breadth is striking: small- and mid-caps have rebounded alongside mega-caps, with sectors like industrials and finance outperforming. Only energy, defensives, aerospace/defense, and select software firms (e.g., ServiceNow, Salesforce) lag, aligning with a post-war risk-on sentiment. $9.6tn in daily forex trading underscores global liquidity, while Korea’s won gains traction as central banks diversify reserves, potentially easing local currency volatility and boosting sovereign debt demand.