Market Dashboard

Global Equities & Indices

S&P 500

6,775.59

+2.40%

Nasdaq 100

22,654.17

+2.89%

Dow Jones

47,772.09

+2.55%

VIX

23.87

Declining

Fixed Income

10Y Yield

4.361%

-0.60%

2Y Yield

4.10%

Declining

2s10s Spread

+26 bps

Positive

30Y Yield

4.55%

Declining

Currencies & FX

DXY Dollar Index

98.84

-1.0%+ (6M Low)

EUR/USD

1.170

Dollar Weak

USD/JPY

159.96

Yen Weak

Digital Assets

Bitcoin

$71,906

+5%+ Ceasefire

Ethereum

$2,239

+4%+ Ceasefire

Precious Metals & Commodities

Gold

$4,850/oz

+3.0%

Silver

$77/oz

+7.0%

WTI Oil

$94.41

-16.41% (Biggest Drop)

Brent Oil

$94.75

-13.29%

Natural Gas

$2.80/MMBtu

6-Month Low

Uranium

~$80

Post-Selloff

Macro Data

Fed Funds Rate

3.50-3.75%

On Hold

CPI (February)

2.4%

Steady

GDP (Q1 Est)

1.3%

Down from 1.6%

Unemployment

4.4%

Elevated

NFP (February)

-92,000

Negative

Executive Summary

Macro Regime: Late-cycle transitioning to potential stagflation. We are navigating a "war-driven supply shock" era. The Iran conflict (Operation Epic Fury, launched February 28, 2026 following the killing of Khamenei) created the largest oil supply disruption in history per IEA data. Strait of Hormuz traffic collapsed 90%, with oil spiking from $67 to $128 before the April 8 ceasefire.

Ceasefire Status: 2-week pause with negotiations scheduled April 10 in Islamabad. Fragile agreement — Lebanon excluded, Iran halted tanker traffic despite agreement. Probability of ceasefire holding 2 weeks: 65%. Full deal probability: 30%. Escalation risk: 25%.

The Dilemma: Fed is trapped. With rates at 3.50-3.75% and CPI steady at 2.4%, the central bank faces conflicting signals. GDP growth is decelerating (1.3% vs 1.6% prior), NFP turned negative (-92K in February), yet oil shock threatens CPI reacceleration. This is NOT a beautiful deleveraging — it's a geopolitical shock layered onto a mature business cycle. Risk of policy error is elevated.

Core Opportunity: Ceasefire-driven risk rally is tradeable but fragile. Positioning for base-case recovery (ceasefire holds, oil $80-85, Fed cuts June-July) offers asymmetric upside in equities and real assets over next 1-2 weeks.

Tail Risk: Ceasefire collapse → oil back above $120 → stagflation confirmed. 25% probability, but consequences are severe: equities -15%, gold $5,500+, bonds mixed on inflation/flight-to-safety dynamics.

Thematic Summary

Theme	Current Status	Implication
Oil War Premium	$27/barrel remaining (from $128 peak)	Fragile, depends on ceasefire
Dollar Weakness	DXY 98.84 (6-month low)	Bullish EM, commodities, crypto
Yield Compression	10Y down 0.60%, 2s10s +26bps	Cautious optimism, no recession priced
Risk Appetite	VIX 23.87, declining; equities +2.4%	Ceasefire relief, but fragile
Crypto Beta	BTC +5%, acting risk-on + digital gold	Hybrid behavior, institutional flows positive

Global Markets Performance

Asian and European markets rallied on ceasefire relief. Japan's Nikkei leads with strong 5.4% gain, reflecting yen weakness and equity rerating. Europe rallies 4.9-5.2% as growth expectations improve. Emerging markets benefit from dollar weakness.

Index	Region	Today %	Assessment
Nikkei 225	Japan	+5.4%	Yen weakness + relief rally
KOSPI	South Korea	+5.9%	Geopolitical de-escalation bid
Hang Seng	Hong Kong	+3.1%	China reopening premium
Taiwan	Taiwan	+4.3%	Safe-haven demand stabilizing
DAX	Germany	+5.2%	Energy cost relief, EU strength
CAC 40	France	+4.9%	Risk-on momentum, no escalation

Cross-Border Capital Flows

Dollar weakness (DXY at 6-month low of 98.84) is driving capital rotation into non-USD assets. Emerging market equities, precious metals, and commodities are benefiting from the dollar sell-off. Treasury inflows remain steady on safe-haven demand, but relative attractiveness declining.

Cross-Asset Analysis

Bond Market Signals

Status: 10Y at 4.36% declining 0.60% on ceasefire relief. But upside risks to yields remain material. War spending supplemental likely ($1.5T defense budget for FY2027) plus potential CPI reacceleration from energy pass-through creates structural tail risk. Bond market is cautiously optimistic but NOT pricing ceasefire failure — which would trigger violent steepening and 50-100bp yield spike.

Strategy: Bond market pricing ceasefire success. If ceasefire holds and oil stabilizes, yields compress further. If collapses, expect 10Y back above 4.60% within days. Current positioning underweights tail risk.

Risk Asset vs Safe Haven Divergence

Remarkable: Gold at $4,850 AND equities rallying simultaneously. This is textbook "cautious optimism" — markets pricing ceasefire success but hedging with precious metals. Classic uncertainty positioning.

Gold +3.0% today despite +2.4% equities = structural bid remains
Silver outperforming (+7% vs +3%) = monetary + industrial demand both active
Bitcoin acting hybrid: part risk-on (correlating with equities), part digital gold (safe-haven bid)

Liquidity Environment

Fed remains on hold. Dollar weakening (DXY 98.84, 6-month low). Global liquidity neutral overall, but USD weakness creates technical bid for non-dollar assets. Key metric: Watch for signs of capital flight or swap line stress — currently calm, but Iran tanker halt and Strait of Hormuz concerns could trigger liquidity crunch if ceasefire breaks.

Dollar Weakness Thesis

DXY declining signals: (1) Market expects Fed to eventually cut rates (June/July timeline emerging), (2) War costs weaken US fiscal position (deficit blowout priced), (3) Capital flowing to non-USD assets on relative value. EUR/USD at 1.170 and climbing — expectation is DXY toward 96-97 range if ceasefire holds.

Scenario Matrix (Probability-Weighted)

Four scenarios modeled below. Currently transitioning between stagflation risk and base-case recovery. Probability distribution updates daily based on ceasefire hold/break signals.

Bull Case

25%

Ceasefire becomes permanent deal, Hormuz fully reopens, oil drops to $75-80, inflation cools. Fed cuts June/July. GDP re-accelerates to 2%+. Earnings growth 8-10%.

Implications: S&P 500 → 7,200+, BTC → $85K+, Gold $5,000+, Bonds rally (10Y → 3.8%)

Base Case

40%

Ceasefire holds 2 weeks, oil stabilizes $80-90, inflation holds steady at 2.4%. Fed stands pat through May, cuts June. GDP 1.3-1.8%. Earnings 6-8%.

Implications: S&P 500 → 6,950, BTC → $78K, Gold $5,100, Bonds steady (10Y → 4.1%)

Bear Case

25%

Ceasefire collapses, oil spikes to $120+, CPI reaccelerates to 4%+, Fed held hostage. GDP contracts 0-(-1)%. Earnings estimates cut 15-20%.

Implications: S&P 500 → 5,750 (-15%), BTC → $50K, Gold → $5,500+, Bonds volatile (10Y → 4.8%)

Stagflation Trap

10%

War ends but recession hits (unrelated to conflict). Inflation stays 3%+, growth negative. Fed forced to cut despite inflation. Policy incoherence.

Implications: S&P 500 → 5,500 (-20%), BTC → $40K, Gold → $6,000+, Bonds chaos

Probability Transition Tracker

Base case is accelerating (40% → 50% over past 24 hours) as ceasefire holds through night and morning negotiations proceed in Islamabad. Bear case declining from 35% → 25% on positive sentiment. Watch for trigger events:

Bull acceleration: Permanent deal signed, Strait of Hormuz tankers resume
Bear escalation: Israeli strikes on Lebanon continue, Iranian ballistic missile response, tanker sinkings
Stagflation shift: CPI data April 10 shows energy pass-through >0.3%

Sector Spotlight

1. Energy Sector (XLE) - War Premium Unwinding

Status

Massive Rotation: Oil -16% today

War premium is evaporating. Oil spiked to $128 on conflict, now $94 on ceasefire. Energy stocks initially rallied on high prices but are reversing hard as the market prices in lower-for-longer scenario ($80-90 range).

Tactical Call: Short-term bearish energy stocks, but IF ceasefire fails, violent reversal potential is high. Stop losses at $110 on oil triggers reversal. RTX and defense names were front-runners in conflict but are fading — not a buy on ceasefire.

2. Defense Contractors (LMT, RTX, NOC) - War Premium Peaking

Status

Mixed: Initial War Premium Evaporating

RTX up +7.34% YTD on war thesis. Earnings growth estimates ~12% due to defense budget expansion ($1.5T for FY2027). BUT initial conflict premium is dissipating as ceasefire hopes grow. Expect 2-3 week consolidation until permanent deal signed.

Call: NOT a buy on ceasefire. Defense names will reprice higher on escalation, but current risk/reward is neutral. Hold if long, avoid new entries.

3. Airlines & Travel (JETS ETF) - Contrarian Opportunity

Status

Second-Level Thinking: Massive Catch-Up Trade

Airlines and travel stocks were crushed by oil spike. IF ceasefire holds and oil stabilizes $80-90, fuel costs drop 30%+ from conflict peaks. This is a 20-30% catch-up trade opportunity. Howard Marks' second-level thinking: the obvious bet (energy stocks up on high oil) is wrong; the non-obvious bet (airlines profiting from oil normalization) is right.

High-Conviction Call: LONG JETS on ceasefire confirmation. Entry below recent lows, target +25-30% over 2-3 months.

4. Emerging Markets - Dollar Weakness Play

DXY at 6-month low (98.84) creates structural bid for EM equities and FX. EM indices rallying 3-6% today (Hang Seng +3.1%, KOSPI +5.9%). This is a 3-6 month trade: if ceasefire holds and Fed cuts, DXY could drop to 96-97 range, driving EM outperformance.

Crypto Deep Dive

Bitcoin ($71,906) - Risk-On + Digital Gold Hybrid

BTC is acting as a hybrid asset: part risk-on (correlating with equities on ceasefire relief, up +5% today), part digital gold (safe-haven demand from geopolitical premium, recovered faster than traditional gold from war lows). First time above $70K since March 26 — significant technical breakout.

War behavior: BTC fell during conflict escalation but recovered faster than gold — suggests risk-on sentiment dominates
Ceasefire rally: +5% on April 8-9 vs +3% gold = institutional risk appetite > safe-haven demand
Institutional adoption: Spot BTC ETF holders = 38% institutional. Morgan Stanley, UBS, Wells Fargo approved

Ethereum ($2,239) - Correlation Play

ETH at $2,239, highest since March 18. Acting as pure risk-on correlation to BTC. Institutional interest lower than BTC — more retail-driven. Growth drivers: staking yields (5-6%), Layer 2 scaling adoption, DeFi expansion.

ETF Flow Analysis

Product	Apr 1 Flows	Trend	Signal
IBIT (iShares Bitcoin)	-$86.5M	Outflows	Institutional rebalancing
FBTC (Fidelity Bitcoin)	-$78.6M	Outflows	Profit taking
GBTC (Grayscale)	-$13.3M	Outflows	Legacy product outflows
Aggregate Apr 1	-$173.7M	Net Outflows	Pre-ceasefire risk-off
Rebound Apr 8-9	+$69.4M	Inflows Resume	Ceasefire-driven buying

Stablecoin Market Cap Alert

Monitoring USDT and USDC market caps as capital flight indicators. During conflict escalation (Feb 28 - Apr 7), stablecoin growth stabilized but didn't explode (would suggest panic liquidation). Current trend: neutral, no red flags. If ceasefire collapses, watch for stablecoin spikes >$200B as sign of de-risking.

Regulatory Backdrop

No material changes during conflict. SEC continues spot BTC ETF approval process. Crypto market benefited from stabilization post-ETF approval (Jan-Feb 2025). War period has NOT created additional regulatory headwinds. This is bullish for institutional adoption trajectory.

Conviction Crypto Call

LONG Bitcoin

HIGH CONVICTION

Entry: $71,900 on weakness, target $78,000-85,000

Risk-on momentum + institutional ETF flows resuming + digital gold premium from geopolitical uncertainty. Stop loss $65,000 (breaks critical support). Time horizon: 3-6 months.

Conviction Trades & Investment Thesis

High Conviction Trades

These trades are built on asymmetric risk/reward and macro regime alignment.

LONG Gold/Silver (2:1 allocation)

VERY HIGH CONVICTION

Gold target: $5,000-5,500. Silver target: $90-110

Structural demand thesis: (1) Central banks buying 1,000+ oz/quarter, (2) Fiscal concerns on war spending driving real yield demand, (3) Geopolitical premium persists even if ceasefire holds. Gold rallied only +3% today despite +2.4% equities — this should be larger divergence if ceasefire is truly "risk-off healing." Suggests further safe-haven rotation coming.

Entry: GLD at current, SLV at current

Stop: Gold below $4,700

SHORT Oil (Tactical)

HIGH CONVICTION (2-Week Window)

WTI oil: Entry $94, target $80-85 over 2 weeks

War premium unwind thesis. Oil spiked from $67 to $128, now $94. If ceasefire holds and Hormuz normalizes, oil should trend toward $75-80 equilibrium. This is a 10-15% move. BUT CRITICAL: TIGHT STOP at $105 — if ceasefire collapses (25% probability), oil reverses violently to $120+. This is a 2-week tactical trade, not strategic.

Entry: XLE short at current, stop $105

Target: $85 or 2-week hold

Medium Conviction Trades

LONG S&P 500 (Tactical Risk-On)

MEDIUM CONVICTION

S&P 500: Entry 6,775, target 7,000-7,200 over 1-2 weeks

Ceasefire relief rally has 1-2 weeks of follow-through left. Fed on hold, yields declining, VIX falling. Macro backdrop shifts from tail risk to base case recovery. But this is a momentum trade, not fundamental recovery — key risk is March CPI data (April 10) showing energy pass-through.

Entry: SPY at market, stop 6,500

Target: 7,000 or CPI surprise

LONG Airlines (JETS ETF) - Catch-Up Trade

MEDIUM-HIGH CONVICTION

JETS entry: Recent lows + $50K buffer, target +25-30% over 3 months

Second-level thinking: obvious trades (energy up on oil prices) are crowded and reversing. Non-obvious trade (airlines profiting from fuel cost normalization) is setting up. If ceasefire holds and oil drops to $80-85, airline margins expand 200-300 bps. This drives 20-30% upside.

Entry: JETS on ceasefire hold confirmation

Stop: Oil above $110

Speculative Positions

LONG Uranium (Speculative)

LOW CONVICTION / HIGH PAYOFF

Uranium ~$80 post-selloff, potential re-rating on energy demand post-war

Nuclear power re-rating thesis: War highlights energy security concerns. Post-conflict, expect policy tailwinds for nuclear renaissance. Uranium sold off with broad commodity complex but structural story intact. 5-10 year thesis, but 2-3 year catalysts (SMR adoption, defense applications, grid stability).

Risk Radar

Top 3 tail risks that could shift probabilities materially within 48 hours:

Risk 1: Ceasefire Collapse (Primary Concern)

Details: Lebanon excluded from ceasefire. Israeli strikes on Lebanon killed 250+ on April 8 despite agreement. Iran halted Hormuz tankers despite ceasefire pledge. These are red flags for unraveling.

Probability: 25-30% near-term collapse (next 2 weeks)
Market Impact: Oil $120+ within days. S&P 500 -5% to -10%. Gold $5,200+. VIX 40+. Bonds sell off 50-100bps.
Trigger: Watch Lebanese casualty count. If >500 killed, ceasefire expected to collapse.

Risk 2: CPI Reacceleration on Energy Pass-Through

Details: March CPI released April 10. Oil averaged $100+ in March (conflict peak). Gasoline prices spiked. If headline CPI >3.2% or core >3.1%, market reprices Fed hold scenarios.

Probability: 40% CPI surprise to upside
Market Impact: Treasury yields spike 30-50bps. Fed forward guidance becomes cautious. Real rates concern.
Trigger: Gasoline prices >$4.00/gallon average in March data.

Risk 3: Fiscal Blowout on War Spending

Details: Defense supplemental spending likely $300-500B. FY2027 budget proposal $1.5T defense. Treasury supply concerns could spike yields despite flight-to-safety flows.

Probability: 35% material fiscal deterioration priced over next 3 months
Market Impact: 10Y yield structural upside despite recession fears. Credit spreads widen. Foreign holder selling accelerates.
Trigger: Treasury auction demand weak (bid-to-cover <2.0x), foreign holdings decline.

Black Swan Events (Low Probability, Extreme Impact)

Event	Probability	Market Impact
Iran nuclear breakout during ceasefire	5-10%	Oil $150+, equities -20%, bonds chaos
China-Taiwan escalation (geopolitical cascade)	3-5%	Global equities -25%, USDT blowup, BTC to $30K
US credit rating downgrade (Moody's/Fitch)	10-15% (2026)	10Y yields spike 100-150bps, volatility regime shift
Strait of Hormuz tanker sinking/blockade	15-20%	Oil $140+, shock CPI, stagflation scenario activates

Week Ahead Calendar - April 9-15, 2026

Date	Event	Consensus / Expected	Macro Relevance
Today (Apr 9)	Post-ceasefire trading, Islamabad talks prep	Ceasefire holding	Risk-on relief, oil normalizing
Apr 10	March CPI Release (CRITICAL)	Headline ~3.2%, Core ~3.1%	Energy pass-through will determine Fed guidance
Apr 10	US-Iran Diplomatic Talks (Islamabad)	Negotiations on permanent deal	Ceasefire credibility test
Apr 11	PPI Data (March)	Headline ~3.8%, Core ~3.5%	Inflation at wholesale level
Apr 14-15	Earnings Season Begins (Major Banks: JPM, GS, MS, WFC)	Q1 earnings, FY2026 guidance revision	War impact on trading revenues, loan loss provisions
Apr 28-29	FOMC Meeting (Next Decision Point)	Expect Hold at 3.50-3.75%	Fed guidance on June cut probability crucial

Key Watch Points This Week

April 10 CPI: Market will scrutinize energy component (gasoline, heating oil). If >0.5% increase month-on-month, reacceleration concern rises sharply.
Islamabad Talks: Any escalation signal (talks breakdown, new demands) triggers risk-off. Look for headlines on timeline, scope of agreement.
Oil Price Action: If WTI stays below $100, ceasefire confidence strengthens. Break above $105 = danger zone for deal.
Treasury Auction Demand: Watch 3Y and 10Y auctions (Apr 16-17). Weak demand = fiscal concerns rising. Strong demand = flight-to-safety intact.

Treasury Yield Spike Risk Dashboard

Monitoring 10 key risk factors for potential 50-100bp yield spike. Each factor rated Green/Amber/Red.

War Fiscal Blowout

$1.5T defense budget proposed

CPI Reacceleration Risk

Energy pass-through pending Apr 10

Term Premium Rising

War uncertainty extends curve

Treasury Auction Demand

Watching weakness signals

Foreign Holder Selling

Japan/China data pending

Fed Rhetoric

On hold, tolerating uncertainty

Fiscal Deficit Trajectory

War supplemental spending imminent

Credit Rating Watch

No immediate warnings from agencies

2s10s Steepening

+26bps positive, mild bear steepening

MOVE Index

Elevated but below 120 threshold

Overall Assessment

AMBER (Elevated Risk, Not Imminent)

6 amber factors, 1 red, 3 green indicates elevated risk but not acute spike conditions. Catalyst needed: Either CPI surprise (April 10) or ceasefire failure would trigger 50-100bp spike. Monitor fiscal spending announcements closely.

Commodity War Premium Tracking

Commodity	Pre-Conflict	Peak	Current	War Premium
Oil (WTI)	$67	$128	$94	~$27/barrel
Gold	~$3,200	$4,850	$4,850	Full premium retained
VIX	~16	~35	23.87	~8 points elevated

Institutional Holder Changes & Positioning

SLV (iShares Silver Trust) - Extreme Position Alert

Jane Street Holdings: 20.7M shares ($1.3-1.6B position)

Status: Became TOP holder in Q4 2025. Position increased 500x in ONE QUARTER. This is an extreme outlier.

Interpretation: Two scenarios: (1) Genuine accumulation signal for silver rally thesis, or (2) Market maker derivatives hedging vehicle (Jane Street is major MM). 500x increase in one quarter is not typical "accumulation" — suggests complex derivatives positions requiring massive spot silver inventory hedge.

Caution Flag: Given silver's 50% crash post-conflict peak, potential manipulation concerns warranted. Monitor SLV flows — if Jane Street begins reducing, expect silver volatility spike.

Other Silver Holders

Holder	Position Size	Change	Signal
BlackRock	25,956 shares ($1.67M)	Stable	Token position, minimal interest
Morgan Stanley	Reduced 3.7M shares	-3.7M (Q4 2025)	Distribution signal, bullish silver skepticism

GLD (SPDR Gold Shares) - Institutional Confidence

Overview: 3,086 institutional owners, 144.6M total shares. Strong diversified base — no single holder >5%. Top holders: LMR Partners, Susquehanna, Jane Street, Optiver.

Signal: Gold at $4,850 with broad institutional backing = structural demand intact. Diversified ownership = lower manipulation risk vs SLV. Gold as long-term inflation hedge thesis is credible.

BTC ETFs - Institutional Adoption Accelerating

Metric	Value	Implication
Institutional % of BTC ETF holdings	38%	Growing share, retail dumping
Morgan Stanley approved	Yes (Q1 2026)	Wealth advisor access enabled
UBS approved	Yes (Q1 2026)	Swiss banking elite access
Wells Fargo approved	Yes (Q1 2026)	Mass market advisor adoption
Q1 2026 ETF flows	Net negative, but inflows recently	Institutional accumulating on dips

Interpretation: Institutional adoption of BTC is accelerating despite April 1 outflows. Large institutions (MS, UBS, WFC) rolling out BTC products. April 8-9 inflows resuming ($69.4M) = institutional buying on dips. This supports BTC upside to $78-85K over next 3-6 months.

Geopolitical Escalation Tracker

Operation Epic Fury Timeline (5 Weeks of Conflict)

Conflict started February 28, 2026 following US/Israel strike killing Iran's Supreme Leader Khamenei. Largest oil supply disruption since 1973 Yom Kippur War.

Current Ceasefire Status

Ceasefire Hold (2 weeks)

65% probability

Full Deal Success

30% probability

Ceasefire Collapse

25% probability

Critical Weaknesses in Ceasefire

Lebanon Excluded: Not part of formal ceasefire. Israeli strikes on Lebanese targets killed 250+ on April 8 despite agreement. This creates escalation pathway.
Iran Tanker Halt: Despite agreeing to ceasefire, Iran halted tanker traffic in Strait of Hormuz. Suggests half-compliance or continued economic warfare.
Negotiations Location: Islamabad chosen, with Pakistan mediating. Iran's 10-point plan as basis. Weak foundation — no major guarantees from US/Israel yet.
Hostages/Prisoners: Unresolvedissue — unclear if part of deal scope. If hostages remain, domestic pressure for escalation persists.

Military Force Comparison

Category	US/Coalition	Iran/Allies	Assessment
Air Superiority	2 Carrier Groups, 150+ aircraft, F-22/F-15E	Limited, mostly missiles	US dominates
Naval Force	6 destroyers, 3 Littoral Combat Ships	Submarines, swarm tactics	US dominates
Asymmetric Strength	N/A (conventional superiority)	Hormuz chokepoint control, A2/AD zones, proxy networks (Hezbollah)	Iran dominates
Missile Arsenal	Tomahawks, precision standoff	Ballistic missiles, saturation tactics	Both credible
Economic Cost	War spending $1.5T+ FY2027	Economic devastation, infrastructure loss	US can sustain longer

Diplomatic Channels

Islamabad Talks (April 10): Pakistan mediating, US/Iran officials present. Iran's 10-point plan tabled. Key issues: (1) Permanent ceasefire vs 2-week pause, (2) Lebanon scope, (3) Nuclear/sanctions relief coordination.

Wild Card: If permanent deal signed, market reprices to 70-80% ceasefire probability, oil drops $80-85, equities +3-5% over following week. If negotiations stall, probability reverts to 50%, oil stays elevated, volatility remains.

Scenario Impact on Markets

Scenario	Probability	Oil Impact	Equity Impact	Timeline
Ceasefire Holds	65%	→ $80-85	+3-5%	2-4 weeks
Full Deal Signed	30%	→ $75-80	+5-10%	1-2 weeks
Ceasefire Collapses	25%	→ $120+	-10-15%	Days
Stalemate (2+ weeks)	30%	→ $95-105	Flat to -2%	Weeks

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