These are the data doldrums of summer. After the fireworks of last week’s US inflation reports — loudly celebrated by many as good news, while Fed Presidents seemed to issue a collective yawn — and the quietly stunning indicators of China’s deteriorating economy, the economic statistics of consequence this week are few. But the real economic insight is likely to come from company earnings reports. Rates fell across the curve as inflation came in slower than expected. US equities returned +2.4% as a “soft-landing” narrative continues to gather steam and analysts continue to revise upward S&P 500 earnings. The recession-watch 3M-10Y spread widened 25bps and closed the week at -158, still signaling recession in coming months. Volatility fell for equities and bonds (VIX = 13, MOVE = 112). Market sentiment fell to 15 indicating that investors are maintaining cautious optimism in the current environment. On the wealth planning front, we discuss the historic wealth transfer as well as ways for gifting assets.