This week belonged to the bond market, and everything else lived inside it. Long-term U.S. government borrowing rates (the interest the government pays to borrow) ran to levels most traders have never seen live, and the dollar rode that story to a strong finish. That is the backdrop our Sunday sheet built the week around, and the public weekly recap has the full story. The short version: the hawkish plan we made our base case is what showed up. “Hawkish” means leaning toward higher rates, which usually helps the dollar. A steady stream of Fed officials said inflation is still too hot, a U.S. business survey came in strong, and the dollar climbed all week. Gold fell as rates rose. Oil did the opposite of everything else, jumping toward $101 on a strike near Riyadh, then collapsing to about $92 as talk of reopening the Strait of Hormuz drained the war premium. The twist is that stocks and Bitcoin rose anyway. They could climb in a hawkish week for the same reason oil mattered: falling oil took the inflation worry out of the tape even as rates went up. So the market split in two, and that is the honest story of the week.