U.S. JUN LEADING ECONOMIC INDICATORS -0.3%, (CONSENSUS -0.2)
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FED ADDS FOOTAGE OF VIDEO TOUR OF HEADQUARTERS RENOVATION PROJECT TO FAQ PAGE ON ITS WEBSITE
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US YIELDS EXTEND SLIDE, 10-YEAR TO 4.35%, BELOW 200-DAY AVERAGE
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RUSSIA, UKRAINE MAY HOLD TALKS JULY 24-25 IN TURKEY: TASS
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TRON FOUNDER JUSTIN SUN IS GOING TO SPACE ON BLUE ORIGIN
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WILL THE FED HINT AT A SEPTEMBER RATE CUT?
The Fed is expected to keep rates steady at its July 30 meeting, with only a 4.7% chance of a cut, according to Yardeni Research. Strong June jobs data has delayed expectations for a near-term move, but softer inflation reports could push the Fed toward signaling a possible rate cut in September.
A dovish tone next week may lift stocks, which are already gaining from stronger-than-expected Q2 earnings. Yardeni notes S&P 500 forward earnings hit a record $284.36 last week, with a year-end target of $300, and expects the index to continue reaching new highs despite valuation concerns.
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The Fed is expected to keep rates steady at its July 30 meeting, with only a 4.7% chance of a cut, according to Yardeni Research. Strong June jobs data has delayed expectations for a near-term move, but softer inflation reports could push the Fed toward signaling a possible rate cut in September.
A dovish tone next week may lift stocks, which are already gaining from stronger-than-expected Q2 earnings. Yardeni notes S&P 500 forward earnings hit a record $284.36 last week, with a year-end target of $300, and expects the index to continue reaching new highs despite valuation concerns.
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GOLD RISES ON WEAK DOLLAR, RATE CUT HOPES
Gold futures climbed 1.6% to $3,413.30, the highest since mid-June, as a weaker dollar and positive U.S. inflation data fueled rate cut optimism. Tradu's Russell Shor notes gold’s outlook will depend on the Fed’s pace of cuts and potential trade or geopolitical tensions. If cuts are delayed, gold may stall, but a dovish Fed or renewed volatility could push prices higher.
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Gold futures climbed 1.6% to $3,413.30, the highest since mid-June, as a weaker dollar and positive U.S. inflation data fueled rate cut optimism. Tradu's Russell Shor notes gold’s outlook will depend on the Fed’s pace of cuts and potential trade or geopolitical tensions. If cuts are delayed, gold may stall, but a dovish Fed or renewed volatility could push prices higher.
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POWELL HIT WITH CRIMINAL REFERRAL BY HOUSE GOP TRUMP ALLY - FOXNEWS
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REP. LUNA REFERS FED CHAIR POWELL FOR CRIMINAL CHARGES OVER PERJURY CLAIMS
Rep. Anna Paulina Luna (R-Fla.) has referred Fed Chair Jerome Powell to the DOJ, accusing him of lying under oath about renovations at the Fed’s Eccles Building. Luna alleges Powell falsely downplayed the project’s $600 million cost increase and denied luxury features like a VIP dining room and rooftop garden. Powell denies the claims and has launched a probe into the renovation costs. Perjury carries up to five years in prison. Trump allies have pushed for Powell’s removal, but Trump has said it’s “highly unlikely” he would fire him before his term ends in 2026.
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Rep. Anna Paulina Luna (R-Fla.) has referred Fed Chair Jerome Powell to the DOJ, accusing him of lying under oath about renovations at the Fed’s Eccles Building. Luna alleges Powell falsely downplayed the project’s $600 million cost increase and denied luxury features like a VIP dining room and rooftop garden. Powell denies the claims and has launched a probe into the renovation costs. Perjury carries up to five years in prison. Trump allies have pushed for Powell’s removal, but Trump has said it’s “highly unlikely” he would fire him before his term ends in 2026.
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NETHERLANDS WILL MAKE 'SUBSTANTIAL CONTRIBUTION' TO DELIVERY OF PATRIOTS TO UKRAINE - DUTCH NEWSPAPER DE TELEGRAAF
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IRANIAN FOREIGN MINISTER: WE CANNOT GIVE UP OF ENRICHMENT - FOX NEWS
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*MICROSTRATEGY INC - PROCEEDS FROM IPO TO BE USED FOR GENERAL CORPORATE PURPOSES, INCLUDING BITCOIN ACQUISITION
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OPENAI PLANS TO OPEN UP ITS FIRST OFFICE IN WASHINGTON, DC - SEMAFOR
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YOUTUBE WIPES OUT THOUSANDS OF PROPAGANDA CHANNELS LINKED TO CHINA, RUSSIA, OTHERS - CNBC
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ASTRAZENECA TO INVEST $50 BILLION IN UNITED STATES TO EXPAND MANUFACTURING, RESEARCH
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IRAN IS OPEN TO TALKS WITH THE U.S. BUT NOT DIRECT FOR THE TIME BEING, FOREIGN MINISTER TELLS FOX NEWS
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U.S. TREASURY'S BESSENT SAYS FED SHOULD CONDUCT AN EXHAUSTIVE INTERNAL REVIEW OF NON-MONETARY POLICY OPERATIONS
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SPACEX TRANSFERS $152M IN BTC FOR FIRST TIME IN 3 YEARS: ARKHAM
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DEUTSCHE BANK: AMERICANS, NOT FOREIGNERS, PAY TRUMP’S TARIFFS
Despite over $100B in tariff revenue this year, Deutsche Bank says U.S. importers — not foreign exporters — are absorbing the costs.
Their research shows import prices for manufactured goods dropped only slightly in Q2: down just 1% for China despite tariffs rising over 30%. Bigger drops were seen from Canada and the UK, but overall reductions were mild.
This means U.S. companies are eating the costs through smaller profit margins instead of passing them to consumers — keeping consumer prices stable for now.
Key takeaways:
1 - Foreign exporters aren’t feeling much pain yet, giving them leverage in trade talks.
2 - Pressure on U.S. consumer prices may build.
3 - The U.S. bears most costs, which could weigh on the dollar.
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Despite over $100B in tariff revenue this year, Deutsche Bank says U.S. importers — not foreign exporters — are absorbing the costs.
Their research shows import prices for manufactured goods dropped only slightly in Q2: down just 1% for China despite tariffs rising over 30%. Bigger drops were seen from Canada and the UK, but overall reductions were mild.
This means U.S. companies are eating the costs through smaller profit margins instead of passing them to consumers — keeping consumer prices stable for now.
Key takeaways:
1 - Foreign exporters aren’t feeling much pain yet, giving them leverage in trade talks.
2 - Pressure on U.S. consumer prices may build.
3 - The U.S. bears most costs, which could weigh on the dollar.
(@WalterBloomberg)