U.S. sovereign yields declined and the USD weakened after Fed Governor Chris Waller pushed for a July rate cut. Waller, who is rumored to be among the candidates to replace Chair Powell in 2026, said he sees a limited impact of tariffs on inflation and is concerned about the labor market.
This week the focus will be on the ECB’s July monetary policy meeting (see our take here) as well as on preliminary PMI July figures. Trade negotiations will remain in the spotlight as Trump’s reciprocal tariffs approach the new August 1st deadline. EU and Chinese officials are scheduled to meet on July 24th for the 50th anniversary of their bilateral relations.
Access today’s full report to learn more (PDF)