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Spetsnaz
Spetsnaz officers and soldiers march during the rehearsals of the Victory Day Parade in 2021 in Moscow, Russia.
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Russian President Vladimir Putin.
Russian President Vladimir Putin.
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Happy Friday, team. I'm Phil Rosen. This week we've seen a storm of economic data in the US. 

The alphabet soup of readings — CPI, PPI, and jobless claims — all point to cooling inflation and a softening labor market. 

In theory, that's good news for the Fed, because it suggests its policy is working. 

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Poland MiG-29 fighter jets
Polish air force MiG-29 fighter jets from Lask Air Base take part in a NATO shielding exercise on October 12, 2022.
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Vladimir Putin
Russian President Vladimir Putin delivers a speech before a ceremony celebrating Women's Day in Moscow on March 8, 2023.
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Russian Air Force Su-27 Russkiye Vityazi (Russian Knights) jet fighters perform during the MAKS International Aviation and Space Salon in Zhukovsky
Russian Air Force Su-27 jet fighters perform during the 2011 MAKS International Aviation and Space Salon in Zhukovsky. Image used for illustration purposes only.
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putin russia
Russian President Vladimir Putin gestures during a meeting with journalists after a live broadcast nationwide call-in in Moscow, Russia, April 14, 2016.
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alexei moskalyov
Alexei Moskalyov, 54, looks out through the window of his flat after he was placed under house arrest in Russia, on March 23, 2023.
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Black and White photo of hundreds of soldiers shooting each other with rifles on a battlefield
Soldiers battle during the Crimean War. Russia, ca. 1855.