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Waller Vows to Avoid Repeating Fed’s 2021 Mistake; Labor Market Less Tight
Federal Reserve Governor Christopher Waller stated he is determined not to repeat the policy errors of 2021, noting that the labor market is now less tight and inflation expectations remain anchored. He also highlighted resilience in household and business spending despite higher goods costs from tariffs and energy price surges from the Middle East conflict.
Fed's Waller: Committed to 2% Inflation, Avoid Over-Tightening, But Worried About Need for More Hikes
Fed Governor Christopher Waller reaffirmed his commitment to returning inflation to the 2% target while also aiming to avoid over-tightening that could trigger a recession. However, he expressed concern that tighter policy may still be necessary.
Waller: Hot Core Inflation This Week May Force Rate Hike Consideration
Fed Governor Christopher Waller said that if another hot core inflation reading appears this week, the central bank would need to consider a rate hike in the near term. He added that several months of lower core inflation are required to feel inflation is moving in the right direction.
Oil Rises as US Resumes Blockade of Iran
Oil prices climbed on news that the US has reinstated its blockade of Iran, while equities remain largely unfazed, according to Chris Beauchamp, Chief Market Analyst at an online trading platform.
BNY: EM Equity Positioning Skewed to Korea, Taiwan; Rest at Historic Lows
BNY's Geoff Yu notes emerging market equity positioning is heavily concentrated in South Korea and Taiwan, with the rest of EM seeing historically low allocations amid China weakness and poor data.
US CENTCOM to Announce Timing of Naval Blockade on Monday
The renewed naval blockade has not yet taken effect due to a 24-hour advance notice requirement for ship owners. A US official said the timing will be announced later on Monday.
Societe Generale: Commodity Resilient Despite Middle East Tensions, Oil Capped at $70
Societe Generale analysts note commodity complex resilience to Middle East tensions, with oil gains capped and year-end price forecast at $70.
US CENTCOM Hits Iranian Naval Facility with Sea Drones for First Time
US CENTCOM forces used multiple one-way attack drones to strike a submarine and ship maintenance facility in Iran, marking the first combat use of sea drones by American forces. The strikes targeted the port at Bandar Abbas naval base, degrading Iran's ability to attack commercial shipping.
Trump Declares US 'Guardian of the Hormuz Strait'
President Donald Trump announced that the Strait of Hormuz is open and will remain accessible to international shipping 'with or without Iran,' and outlined a new US-led security arrangement for the strategic waterway.
Denmark Consumer Spending Flat in June, Goods Outperform Services – Danske Bank
Danish consumer spending excluding energy remained broadly unchanged month-on-month in June, with a 4.3% year-on-year rise in real spending. Goods retail saw gains, especially in larger categories, while services lagged.
Trump Says Strait of Hormuz Open, Reinstates Iran Blockade, Proposes 20% Fee
President Trump announced the Strait of Hormuz will remain open, reinstated the Iranian Blockade, and proposed a 20% reimbursement fee on cargo shipped through the waterway to cover U.S. security costs.
Trump Reinstates Strait of Hormuz Blockade, Imposes 20% Cargo Fee
President Trump announced the US is reinstating a blockade of the Strait of Hormuz for Iranian ships and customers, and will charge a 20% fee on all cargo shipped through the strait, calling the US the 'Guardian of the Strait of Hormuz.'
Rabobank: US June CPI Seen at 3.8% YoY; Fed Speakers, Warsh Testimony in Focus
Rabobank senior macro strategist Bas van Geffen highlights a data-heavy week for the US dollar, with June CPI expected to cool to 3.8% year-on-year. Core inflation figures and testimony from Kevin Warsh also on the calendar.
Fed Minutes Show Hawkish Bias, TD Securities Says
TD Securities economists note that the June FOMC minutes were hawkish, with most participants ready to hike if supply-driven inflation persists.
UAE Plans New Fujairah Port to Bypass Strait of Hormuz
The UAE is developing a new multipurpose port in Fujairah, allowing containers to bypass the Strait of Hormuz, with overland trucking to Dubai and Abu Dhabi.
Dubai Port Operator in Talks for New Fujairah Terminal and Multipurpose Port
A Dubai-based port operator is reportedly in talks to build a new multipurpose port along Fujairah's coastline and a new terminal at the emirate's existing harbour.
DP World to Build New Port on UAE East Coast, Bypassing Strait of Hormuz
DP World plans to develop a new port and container terminal on the United Arab Emirates' east coast, reducing dependence on the Jebel Ali hub and providing an alternative route that avoids the Strait of Hormuz.
Commerzbank: Swiss Federalism and Direct Democracy Boost Growth
Commerzbank analyst Dr. Jörg Krämer argues that Switzerland's strong federalism and frequent financial referenda are key drivers of its superior economic performance, as cantons and municipalities compete for taxpayers.
US Indices Mixed at Open: S&P 500 and Nasdaq Fall, Dow Edges Up
The S&P 500 fell 0.31%, the Nasdaq dropped 0.74%, while the Dow Jones gained 0.09% at market open.
Oil rises as US-Iran tensions revive Strait of Hormuz risk – BNY
BNY's Geoff Yu says renewed US-Iran tensions have lifted Brent and WTI as markets reassess energy supply risks and broader macro implications.
Trump: US Will Likely Take Over Strait of Hormuz
President Donald Trump said in a Fox News interview that the US will probably take control of the Strait of Hormuz and argued for reimbursement.
UK Designates IRGC, IMCR, and GRU Volunteer Corps Under New State Threats Powers
The UK government has announced the first designations under its new state threats powers, targeting the Islamic Revolutionary Guard Corps, the Islamic Movement of Companions of the Right, and Russia’s GRU Volunteer Corps.
Middle East Conflict Roils Markets, Oil Pulls Back From Highs
Renewed hostilities in the Middle East initially disrupted markets but oil prices retreated from session highs while equities stabilized. August WTI briefly traded above $75 before settling around $73.50.
Gold at Risk of Breaking $4K Support Amid Middle East Tensions
Gold opened lower on Monday with a $20 gap, pressured by a worsening geopolitical situation in the Middle East that raises inflationary risks and fuels expectations of a hawkish Fed.