Global equities cooled after a strong run as investors digested benign US inflation and a heavy earnings slate. The dollar index was little changed and Treasury yields steadied, tempering earlier risk appetite. Index gains earlier in the week left valuations elevated into the final sessions, with positioning sensitive to policy headlines and trade negotiations. Traders looked ahead to next week’s results from megacaps and macro data for confirmation that disinflation and growth can co-exist without renewed volatility.