Summary: Equities were mixed this week, with the Nasdaq leading at +1.29% and the S&P 500 up +0.61%, while the Dow slipped −0.55% and the 10-year Treasury yield edgedfell down −2 basis points to 4.94%. On the economic data, August CPI ran hot on energy, rising +0.4% month over month and holding the annual rate at 3.4%, though core cooled to 2.4% year over year, its lowest since March 2021. Retail sales rebounded +1.2%, well above estimates, and jobless claims fell to 196,000, both pointing to a still-resilient consumer and labor market, even as housing stayed soft with starts down −2.6%. On policy, the Fed delivered its first rate hike since July 2023, raising the target range 25 basis points to 3.75% to 4.00%, citing elevated inflation and a timelier return to its 2% goal. The dot plot showed 16 of 18 officials penciling in at least one more hike this year, and the Fed lifted its end-2026 core PCE forecast to 3.4%, with traders are now pricing nearly 3 hikes over the next 12 months. On the corporate side: 1) Generac (GNRC) rose over +17% after agreeing to supply up to $8 billion of backup generators for Amazon’s data centers; 2) while Coinbase (COIN) fell over −10% and Strategy (MSTR) dropped over −5% after the Senate failed to advance the CLARITY Act; and 3) Bank of America (BAC) slipped −5% on cautious Q3 guidance. Commodities were mostly positive, with spot gold down −0.2% and silver up +1.1%, while crude oil rose +1.1% on continued supply concerns., Bitcoin fell over −1% despite the CLARITY Act news, and the dollar rallied +1.1% after the hawkish FOMC meeting.