Risk assets broadly declined last week as economic data showed resilience and central banks pushed back against aggressive market pricing for rate cuts, puncturing investor hopes.

Despite a higher-than-expected rise in US CPI for December 2022, markets remained relatively unfazed over the implications for economic growth and monetary policy ahead.

After powering markets in 2023, big technology companies have seen a sharp selloff in early 2024, challenging the notion of their invincibility. This pullback has raised questions about whether liquidity trends and the Fed's market interactions have been a key driver of recent optimism, rather than just falling inflation and economic strength.