Bonds & Stocks
The Wall Street Journal said Trump may reveal his pick to run the Fed by September or October. The report follows weeks of lobbying by the president for Powell to lower borrowing costs. The chance of a quarter-point cut in the next meeting rose from zero to 20% and the amount of easing expected by the end of the year jumped from 50 to 62 basis points in a week.
Economy
President Trump is pressuring Congress to quickly approve a massive tax bill by an ambitious July 4 deadline. 49% of Americans are opposing the measures, compared to 29% supporting it, according to recent polling from the Pew Research Center. Some 21% still remain unsure.
World
Iran’s Supreme Leader claimed victory in the war with Israel and said the US’s intervention achieved nothing, in his first comments since a ceasefire came into effect earlier this week. The comments come amid conflicting assessments from Washington about the effectiveness of the US strikes. US President Trump claimed key nuclear sites were “obliterated,” disputing a Pentagon intelligence assessment.