Right now, inflation is still hovering just above the Federal Reserve’s target and data is mixed. That’s why Fed Chair Jerome Powell is keeping rates steady, despite public calls for action

Federal Reserve governor Christopher Waller made his strongest call yet for a rate cut in July as he again argued that any inflation from tariffs would be temporary, underscoring a new divide within the central bank.

The US dollar is trading softer against most G10 and emerging market currencies today. Equities are mostly firmer today after the S&P 500 and Nasdaq reached record highs yesterday. The 10-year US Treasury yield is slightly softer, near 4.44%, which is up about three basis points on the week.