Gold is retreating after its sharp run-up, meme stocks are still making noise, and investors are digesting a cooler-than-expected US inflation print — one that’s reshaping expectations for the Federal Reserve’s next move. At the same time, reports of new US trade deal discussions are adding another layer to the global outlook. Phan Vee Leung, Chief Investment Officer at TrackRecord, unpacks what the latest CPI data means for rate cuts, whether gold’s rally may be losing steam, and where markets could head next as trade diplomacy and Fed policy take center stage.