A holiday-shortened week turned into an inflation drama with a quiet ending. Traders spent five sessions bracing for hot US data, watching oil rip toward multi-year highs on Middle East tensions, and pricing a Fed hike that suddenly looked like a lock. Then Friday's core CPI ran warm, and instead of a fresh leg higher, most of the risk-off trades unwound. The dollar firmed on the yield story before fading, gold lost its haven shine to climbing yields, and stocks snapped a four-day slide once traders decided the inflation pop was mostly an energy problem. Bitcoin whipsawed, crude gave back some of its parabolic run, and the yen stole the show on Bank of Japan hike bets. Here's how the week played out across the majors and the big macro assets.