ECB Hikes Rates For First Time Since 2023 (As Expected); Cuts Growth, Hikes Inflation Outlook

Last week’s CPI report, and this week’s PPI report both showed price inflation surging to multi-year highs, and not just on oil prices.

Conference Board Survey Signals Ugly Job Market, Weakest 'Present Situation' In Over 5 Years The Conference Board's measure of Americans' Consumer Confidence fell more than expected in July, from an upwardly revised 92.2 to 90.8 (well below the 92.4 expectation)... The Present Situation index fell to 114.9 (below 117.5 exp) -  its weakest since Feb 2021 while Expectations were unchanged at 74.7 (very slightly better than the 74.4 exp). “Consumer confidence moderated slightly in July, continuing a general downward sloping trajectory since late 2021,” said Dana M Peterson, Chief Economist, The Conference...

Oil Soars As Trump Warns Iran Will Pay For Future Houthi Shipping Attacks, Rubio Rules Out Deal US Secretary of State Marco Rubio said Thursday that Iran is "begging for a deal" and "they need to come to their senses," adding that Tehran will "pay a very heavy price for the things they are doing."  Speaking on the sidelines of the ASEAN conference in Manila, he claimed that "Iran is begging us, both directly and indirectly, ‘Let’s do a deal. Let’s talk.'" But there's no public indicators showing this, instead the...