Bonds & Stocks
Stocks hovered near all-time highs, with traders hoping to get more clues on the Federal Reserve’s outlook as Jerome Powell concludes two days of Congressional hearings.
Equities rose for a seventh straight day, driving the S&P 500 toward its longest winning run since November.
Economy
US CPI numbers for June should show a sustained slowdown, with Bloomberg Economics’ nowcast even flagging downside risk to the monthly headline measure. That would follow a softer-than-expected report in May, after a streak of mostly upside surprises. A core reading of 0.2% month on month would probably bolster the Fed’s confidence ahead of an initial rate cut in September.
World
Russia’s war in Ukraine, which President Vladimir Putin once hoped to conclude in a few weeks, is grinding through its third year, with neither side able to gain a decisive upper hand. Bringing an end to the conflict — whether through one side’s clear victory, a messy compromise or simply a cessation of hostilities without a final deal — may hinge less on battlefield tactics than on which side exhausts its resources first.