US equities were higher for the week, with the S&P setting a new fresh all-time high on Thursday (its 39th record close of the year) before trimming gains on Friday. After months of anticipation, the Fed this week opened up its long-expected easing cycle with a 50 bps rate cut, matching expectations as represented by futures pricing but coming against broad analyst consensus forecasting only 25 bps. August retail sales were slightly positive vs expectations for a decline, with analysts pointing to favorable weather and solid back-to-school shopping trends.