- Fed’s Warsh Faces First Major Test As Divisions Emerge Within FOMC
- Citadel Securities’ Fed Rate Hike Call Adds To Market Angst
- Iran Launches Surprise Missile Attack On US Forces
- US Says It Intercepted ‘Surprise’ Iranian Missile Attack
- US Military, Saudi Forces Strike Sites Of Iran-Backed Groups In Iraq
- Australia Core Prices Cooler Than Expected, Easing RBA Pressure
- Japan Signals Steady Minimum Wage Gains, Backing BoJ’s Hike Path
- Yen’s Relentless Slide To Test Ueda’s Capacity To Calm Traders
- Russia Sanctions Bill Clears First US Senate Hurdle
- Rio Tinto’s First-Half Profit Rises 47%, Raises Interim Dividend
- Ford Motor Lifts Guidance On Forecast Of Higher US Automobile Pricing
- Visa Beats Estimates, Takes $563 Charge Tied To Job Cuts
- NXP’s Upbeat Revenue Forecast Fails To Impress Investors
- Seagate Forecasts Upbeat Quarter On Strong AI-Driven Storage Demand
- SK Hynix’s Record Profit Misses Investors’ Lofty AI Expectations
- StanChart Unveils Fresh $1 Billion Buyback As Profit Beats
There is a growing sense that new Fed Chair Kevin Warsh must balance competing political and policy pressures if he is to stay on the right side of a dovish US president while also managing a Federal Open Market Committee that has become increasingly hawkish.
Regardless, the Federal Reserve is widely expected to leave policy unchanged within its current 3.50%-3.75% target range for the federal funds rate when it concludes its two-day meeting on Wednesday, 29 July.
Although JPMorgan's Michael Feroli said his bank was aligned with the consensus for no change, he warned the decision could prove more contentious than previous meetings. With some policymakers growing increasingly impatient over above-target inflation, he expects at least two hawkish dissents from Beth Hammack and Lorie Logan. A handful of analysts have suggested there is an outside chance either Governor Lisa Cook or Michael Barr could also dissent, albeit to reinforce the Fed's institutional independence rather than to advocate a different policy stance. (LS – Continue Reading)
Australia’s core inflation came in cooler than anticipated last quarter, easing pressure on the Reserve Bank for a near-term policy adjustment and allowing it scope to keep assessing the economic outlook.
The closely-watched annual trimmed mean gauge of consumer prices, which shaves off volatile items, rose 3.6% versus economists’ estimate of 3.7%, data from the Australian Bureau of Statistics showed Wednesday. The RBA aims for the midpoint of its 2-3% band, a level it hasn’t reached in more than four years. (BBG – Continue Reading)
Oil rose sharply in Asia trading, following renewed tensions in the Middle East after Iran launched an attack on U.S. forces using ballistic missiles. Brent Futures for September delivery gained 3.42% to $86.97 a barrel. US WTI futures for June advanced 3.58% at $82.09 per barrel.
“Islamic Revolutionary Guard Corps forces launched multiple ballistic missiles from Iran in an attempted surprise attack on US forces based in the Middle East,” according to a post on X by the US Central Command.
US and Saudi forces also struck “multiple terrorist logistics and weapons sites” in eastern Iraq on Tuesday stateside, retaliating against more than 30 drone attacks in the past three days by “Iran-aligned terrorists,” Centcom said. (CNBC – Continue Reading)
- LS Focus On The Week Ahead
- LiveSquawk Weekly Fixed Income Supply Rundown
- Fed’s Warsh Faces First Major Test As Divisions Emerge Within FOMC
- Australia CPI (M/M) Jun: -0.1% (est 0.2%; prev –0.7%)
- Australia CPI (Y/Y): 3.8% (est 4.0%; prev 4.0%)
- Australia CPI Trimmed Mean (M/M): 0.3% (est 0.3%; prev 0.4%)
- Australia CPI Trimmed Mean (Y/Y): 3.6% (est 3.7%; prev 3.6%)
- Australia CPI (Q/Q) Q2: 0.6% (est 0.7%; prev 1.4%)
- Australia CPI Trimmed Mean (Q/Q): 0.8% (est 0.9%; prev 0.8%)
- Australia CPI Trimmed Mean (Y/Y): 3.6% (est 3.7%; prev 3.5%)
- Iran Rejects Omani Proposal To Share Strait Of Hormuz, Demands More Control – WSJ
- Iran Launches Surprise Missile Attack On US Forces – WSJ
- US Says It Intercepted ‘Surprise’ Iranian Missile Attack – FT
- US Military, Saudi Forces Struck Sites Of Iran-backed Groups In Iraq – RTRS
- Trump Dials Back Iran Threats, Hosts Netanyahu At White House – BBG
- Japan Signals Steady Minimum Wage Gains, Backing BoJ’s Hike Path - BBG
- Japan's PM To Proceed With Food Sales Tax Cut To 1%, Yomiuri Reports – RTRS
- Australia Core Prices Cooler Than Expected, Easing RBA Pressure – BBG
- Citadel Securities’ Fed Rate Hike Call Adds To Market Angst – BBG
- Whitney Warns Of Economic Reckoning This Year, Sees Fed On Hold – BBG
- US Statistical Agencies Face Risks With Lean Staff, ASA Says – BBG
- Zelenskyy Reports Positive Oval Office Meeting As Trump Shifts Towards Ukraine - FT
- Russia Sanctions Championed By Graham Clear First Senate Hurdle – RTRS
- Trump Administration To End Medicare Drug Plan Subsidy – WSJ
- Trump Admin To Ban New Chinese Robots, Inverters, Protecting US AI – CNBC
- FAA Issues American Airlines Nationwide Ground Stop Over IT Outage – RTRS
- Higher Inflation To Cut Value Of UK Public Spending By £24B, Think-tank Says – FT
- UK’s Burnham Vows To Tackle Expensive Social Care Problems – BBG
- UK's NIESR Nudges Up Growth Forecast, Warns Of Persistent Inflation – RTRS
- Bank Of England Probes Asian Equity Risk At Prime Brokers – FT
- Hong Kong Data Center Loan Sale Shows Banks Hitting Sector Limits – BBG
- Japan's GPIF Boosts JGB Expertise By Hiring Three Active Bond Fund Managers - BBG
- SoftBank Sells Yen Bond To Institutions At Year’s Highest Coupon – BBG
- Hedge Funds Face Demands To Stump Up Collateral As AI Stocks Tumble – FT
- Veritas-Backed Software Firm Seeks $5.7B Debt Refinancing – BBG
- Traders Make Record Rush To Fed Futures As Doubts Shadow Market – BBG
- Morgan Stanley Bankers Pressured To Approve Mortgages For Wealthy Clients – WSJ
- Yen’s Relentless Slide To Test Ueda’s Capacity To Calm Traders – BBG
- Aussie Stays In Red Near 0.6950 After Soft Australian CPI Data – FXS
- Oil Rebound By More Than $2 On Prospect Of Tightening US Crude Supplies – RTRS
- Saudi: Intercepted Drones Launched From Iraq Targeting Oil Facilities – RTRS
- Ukraine Adapts Strikes On Russian Energy Industry To Hit Critical Components – FT
- Gold Flows To Hong Kong Hit Decade-High Before Clearing Launch – BBG
- Gold Edges Lower As Traders Assess Prospects For Fed Rate Hike – BBG
- Nuclear Revival Needs $250B A Year, Industry Says – FT
- China’s Commercial Space Boom Poses Strategic Challenge For The US – FT
- HK Finance Stocks Eye Best Month In Two Years As Tech Hopes Wane – BBG
- SK Hynix’s Record Profit Misses Investors’ Lofty AI Expectations – BBG
- World’s Biggest EV Battery Maker CATL Pivots To AI, Grids And Ships – FT
- Mark Zuckerberg Says US Should Not Ban Chinese AI – FT
- Goldman Says Japan’s AI Stock Trade ‘Not Broken’ After Rout – BBG
- Rescued By The AI Boom, Japan’s Kioxia Faces A CapEx Race – BBG
- TSMC Says Japan Plant Gradually Resuming Operations After Earthquake – RTRS
- Nvidia CEO Jensen Huang Urges Support For Open-Weight AI Models – BBG
- OpenAI's Rogue Agent Compromised An Account At A Second Tech Firm – RTRS
- Google DeepMind dismantles Nobel-Winning AlphaFold Team In Strategy Shift – FT
- Apple Tops $5T Valuation For First Time – FT
- Seagate Forecasts Upbeat Quarter On Strong AI-Driven Storage Demand – RTRS
- Ford Motor Lifts Guidance On Forecast Of Higher US Automobile Pricing – WSJ
- Mondelez International Lifts Outlook On Higher Quarterly Sales – WSJ
- Visa Beats Estimates, Takes $563 Charge Tied To Job Cuts – BBG
- NXP’s Upbeat Revenue Forecast Fails To Impress Investors – BBG
- Warner Bros. Deal Collapse Would Cost The Ellisons $9.8B – BBG
- US Approves Deal With General Dynamics For Next-Gen Submarine – BBG
- Amazon To Air NHL Playoffs In Canada For First Time In New Pact – BBG
- Netflix Tax Will Soon Be Scrapped, Canada Hints In Court Filing – BBG
- Netflix Edges BBC As First Choice For UK Viewers, Ofcom Report Shows – RTRS
- Rio Tinto’s First-Half Profit Rises 47%, Raises Interim Dividend – WSJ
- Australia's Perpetual: EQT's $1.78B Bid Not In Best Interests Of Shareholders – RTRS
- Audi Continues US Product Push With Three-Row Q9 SUV – CNBC
- PwC Published ‘Thought Leadership’ Reports Marred By AI Hallucinations – FT
- StanChart Unveils Fresh $1 Billion Buyback As Profit Beats - BBG