A week that started off with a $6.4 trillion global stock rout and a broad rally in bonds ended relatively quietly, calming from historic volatility triggered in part by the prior week’s disappointing US jobs report.

Equities recovered and traders pared back massive bets on a fast and furious loosening of monetary policy, underscoring the jitters in the market as investors try to calibrate the timing and pace of interest-rate cuts. The next test will come with inflation data this coming week.