US CPI Inflation: 3.4% YoY in July, cooling from 3.5% in June. Fed Rate Hike Probability: Slipped to ~39% for September following soft inflation data. ECB Rate Hike Bets: Markets pricing three additional 25bp hikes, pushing deposit rate toward 3%. BOJ Rate Hike: Expected as early as September, with faster tightening pace considered. The US-Europe-China trade friction intensified Thursday as President Trump signed a proclamation imposing...
