How to describe this week’s market? It felt like a roller coaster ride—but actually, the volatility wasn’t that dramatic.

After the US “ADP” and PCE data came out, Wall Street’s anxiety basically dissipated. The data suggests there’s a pretty good chance the Fed will cut rates next week, so capital started flowing back into risk assets. All three major US stock indexes closed in the green, each up more than 0.3%. The S&P 500 is just a hair’s breadth from the all-time high it set in October, and along with the Nasdaq, has risen for four consecutive days. The small-cap Russell 2000 index did pull back a bit from its record high on Thursday.

Over in the bond market, the 10-year US Treasury yield rose 12 basis points this week, closing at 4.138%, marking its worst weekly performance since June. As for the US Dollar Index, expectations for a rate cut have left it wavering, hovering around 99 at the weekend close.

The precious metals market was lively. The core inflation metric the Fed focuses on stayed below 3% in September, which basically locks in the script for a rate cut next week. Gold spiked to around 4260 on Friday before retreating below 4200, ending the week down 0.5%. Silver was much more aggressive—breaking right through the $59 mark and hitting new all-time highs for two straight days, soaring 3.32% for the week.

Next week’s main event is, of course, the Fed interest rate decision. With recent weak US jobs data, the market is overwhelmingly betting on a rate cut. Besides the Fed, the Reserve Bank of Australia, the Bank of Canada, and the Swiss National Bank will also announce rate decisions. All times are in Beijing time, so keep an eye out.

Anyway, right now the entire market rhythm is revolving around central bank moves.