S&P 500 bounced last week 6%, after 8 weeks of losses and the 19% correction. The monetary policy tightening expectations significantly decreased with the expected Federal Funds rate falling below 3% – this favors the soft-landing scenario (against the Fed-induced recession). However, inflation expectations increased for the first time in 4 weeks, which questions the sustainability of the “mild dovish turn”. Technically and tactically, the bounce is likely to continue next week.