An air of pessimism--or arguably just a more realistic tone--has surfaced across markets. Recent data releases point toward more persistent inflation, and widening yields suggest higher for longer rates. Positive credit pricing momentum has now reversed after a lull in recent weeks. There were fewer week-on-week rating actions last week, somewhat evenly balanced between positive and negative but with a concentration of negative actions in consumer-reliant sectors. Flash European CPI releases for different countries will be one key indicator to watch this week.