Last week, global equities ended roughly flat at 0.5% (MXWD) — the smallest week-over-week return since the start of 2020. It sure didn’t feel that way though, with 2-week volatility now in the 50s for the S&P 500 versus mid-single digits at the start of the year. The VIX at 42, Friday’s closing level, seems cheap! Emerging equities (MXEF) led, while International Developed markets (MXEA) trailed, though all three major geographies had roughly the same weekly return. Chinese equities continued their run, up 5.0% last week, but as of Monday’s opening were no longer positive on the year.