Overview

• President Trump said he was “highly unlikely” to remove Jerome Powell but refused to completely rule out discussing his dismissal
• Stocks, the dollar and Treasury yields briefly tumbled on firing reports before reversing course after Trump’s denial
• U.S. producer prices were unexpectedly unchanged in June as higher goods costs from tariffs were offset by weakness in services
• The administration will send letters to more than 150 smaller economies notifying them of uniform 10–15% tariffs starting August 1
• Trump said a trade deal with India is “very close” and hosted EU trade chief Maroš Šefčovič for intensified negotiations