Major US equity indices were down for the week, though helped by a solid post-NFP gain on Friday. The week's big theme was the notable backup in Treasury yields driven by some firmer economic data (particularly a strong March jobs report and a hotter-than-expected ISM manufacturing reading). It was also another week overflowing with Fedspeak, again centered on an appearance by Chair Powell and again doing little to shift the broad narrative of a possible start to rate cuts at the June FOMC meeting.