A holiday-shortened week turned into an inflation drama with a quiet ending. Traders spent four sessions bracing for hot US data while oil ripped toward multi-year highs, and rate-hike bets went from a coin-flip to almost a lock. Then Friday's core inflation ran warm, and instead of one more leg down, most of the risk-off trades unwound and stocks rallied because oil dropped the same day. The price levels did their job again on all five markets. The odds were the weaker half: the biggest driver, oil, was the one lane we ranked last.