Some weeks drift along without much to show for themselves. This was not one of them. Markets spent the first half leaning into geopolitical relief, as a U.S.–Iran peace framework took shape and started draining the war premium out of oil, gold, and the safe-haven dollar. Then the Federal Reserve walked in. A hawkish midweek surprise — rates held, but projections pointing toward possible hikes — flipped the script almost instantly, sending the dollar surging, gold tumbling, and equities and crypto lower. The back half of the week became a story of that dollar bid colliding with this week's run of central bank decisions from Tokyo to London. Here’s how it all shook out across the major assets and currencies.