US markets delivered a mixed but broadly positive week, as soft inflation data pushed back expectations for a Federal Reserve rate hike at its September meeting, lifting equities to fresh records. The S&P 500 gained 0.4% for the week, briefly touching an all-time high mid-week before retreating modestly on Friday after weaker-than-expected retail sales reinforced concerns about the health of the US consumer. Treasury yields were mixed across the curve, with shorter-term yields declining as cooling inflation reduced the urgency for near-term rate hikes, while longer-dated yields edged higher. WTI crude oil increased approximately 4.5% over the week, driven by escalating geopolitical tensions in the Strait of Hormuz as ship attacks mounted and US-Iran peace talks remained stalled. The July Consumer Price Index (CPI) showed headline inflation rising 3.4% year-over-year, in line with expectations, suggesting that price pressures may be gradually easing from recent highs.