American stock markets recovered completely this week, offsetting all losses from the previous week. The movement was supported by the growing conviction that the Fed could move forward with a reference rate cut as early as December. Sentiment was reinforced by recent communications from several central bank members, who showed greater confidence in the downward trajectory of inflation. This more balanced tone paved the way for a consistent recovery in the main indices, with emphasis on the technology and artificial intelligence sectors, which once again captured a large part of the flows. The moderate decline in interest rates on Treasury bonds and the stabilization of the dollar created more favorable conditions for risky assets. Despite the optimism, the week was marked by some episodes of volatility, generated by mixed economic data and news regarding Nvidia. Several indicators once again signaled a loss of dynamism in activity, fueling doubts about the resilience of the American economy. Less firm readings in the labor market and downward revisions in consumption and production components reopened the debate about the slowdown in growth. For investors, the context translates into a delicate balance. A weaker economy increases the likelihood of interest rate cuts, but also raises doubts about the markets’ ability to maintain the recent rally in a more evident slowdown scenario. The trading week was shorter due to the Thanksgiving holiday, which added a special dynamic to trading. With liquidity falling and sessions reduced, investors began to focus on inflation data that will be published next week. Even so, the lower activity did not change the market’s constructive tone. The week reinforced the idea that the Fed’s decision in December will be the main macro event before Christmas. Any change in expectations about the path of rates will continue to have an immediate impact on US assets. The way markets react to the next data on inflation, employment and industrial activity will determine whether the rally still has room to continue or whether the economic slowdown will require a more cautious stance.