Markets briefly hit record highs above 7,500 on Thursday before pulling back on Friday. Treasury yields rose across the curve, while precious metals declined as Fed Chair Kevin Warsh began his term. President Trump traveled to China, where agreements included Chinese investment in U.S. farmland, purchases of 200 Boeing planes, and greater access for U.S. industries in China. On the economic front, both CPI and PPI came in elevated, driven by higher energy prices. Retail sales were also strong, reflecting consumer spending continues to remain resilient. Shipping traffic in the Strait of Hormuz has remained subdued, leading to tighter supply and higher energy prices.