(Bloomberg) -- Hello again. With the balloon dominating the news agenda this weekend, here are a few pointers to help you make sense of what’s coming up.

The big balloon:  A US fighter jet shot down an alleged Chinese spy balloon that overflew the country, causing outrage in the Biden administration and injecting new tension into US-China relations. The US says it’ll recover what’s left and analyze it to learn more about what it says is Chinese snooping. China, for its part, quickly shifted from contrite to confrontational. 

The big speech: Look for Joe Biden to take a victory lap on the economy in his State of the Union with joblessness at a 53-year low and Americans still spending nicely. Don’t expect much comity on Tuesday, though, ahead of Biden’s anticipated reelection announcement this spring. And it won’t all be smooth sailing: the latest focus is a possible 2024 adversary whose name isn’t Trump.

The big opinion:  How is Joe doing as president? Wait, don’t answer yet. That’s because Bloomberg Opinion has used 10 metrics to assess the strengths and weaknesses of his first two years in office and what they suggest about the next two.

The big question:  This year’s stock rally keeps running up against Federal Reserve warnings that its anti-inflation flight isn’t done — but is Wall Street listening? Optimism seems to be carrying the day for now, though the risk of a miscalculation spooks investors like Jim Caron at Morgan Stanley. You can tune in to a series of Fed speakers this week, including Chair Jerome Powell on Tuesday, to hear what they think of the froth.

The big earnings: Friday’s earnings report from Clorox highlighted kitty litter as a profit driver, partly from people who got cats during the pandemic. Disappointing earnings couldn’t damp a rebound for big tech and AI-fueled stocks solidified as the latest market craze. Stay tuned as “Call of Duty” maker Activision Blizzard reports on Monday and Chipotle, which is on a US hiring spree, on Tuesday. Walt Disney, which reports Wednesday, may offer details of cost-cutting measures after Bob Iger’s return as CEO.

 ICYM our Big Take:  Bernard Arnault has a $196 billion fortune, five children and a drive to avoid the infighting that plagues so many dynasties. The world’s richest person has a succession plan to cement his family's control over his luxury goods empire LVMH and keep divisions as bay.

And finally...if you’re feeling musical, the 65th annual Grammy’s will be held at the Crypto.com Arena in Los Angeles. Beyoncé could make history if she snags four more trophies (she’s nominated for nine) which would make her the top decorated artist in the Recording Academy.

Have a good week. See you on the other side.

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