US equities were mixed this week as the S&P and Nasdaq posted solid gains, while the Dow and Russell 2000 were both lower. This week's upside driven in large part by another rate rally and more soft landing optimism after the May CPI and PPI reports added to the disinflation traction narrative. The June FOMC meeting ended with no change to the benchmark rate at 5.25-5.50% as expected.