1️⃣ Yesterday's main news
- US June CPI data hits new high in almost 13 years.
- Fed Brad: It's time to withdraw stimulus measures.
- Fed Bostic: High incarceration rate leads to the goal of full employment and US economic growth.
- European Central Bank Commissioner Centeno said the rise in inflation in the euro area was temporary.
- IEA Monthly Report: Unless OPEC+ increases production, the oil market will "tighten significantly".
- French Monetary Authority: Cryptocurrencies need to be regulated by the whole EU.
- Fitch: Confirms that the US is rated "AAA", and the outlook is negative.
2️⃣ Financial facts and data today
- New Zealand interest rate decision.
- monthly US PPI rate in June.
- Central Bank of Canada decides interest rate
- EIA crude oil inventories from the United States through the week of July 9
- Fed Chairman Powell will have a hearing.
US June CPI data hits new high in almost 13 years
- US unadjusted annual CPI in June recorded 5.4%, new high since August 2008; monthly CPI rate after June seasonal adjustment was 0.9%, new high since June 2008; Unadjusted core CPI annual rate in June was recorded at 4.5%, higher than expected and the highest level since 1991.
- After the data was released, US federal funds futures showed that the probability of the Fed raising rates in December 2022 is 90% and the probability of raising rates in January 2023 is 100%.
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