at 8:30. Speaking of, we got more economic data just crossing. Rick Santelli has that for us.Rick. >> Yes, David. Let's start out with June construction spending down 4/10en of a percent.We're expecting an unchanged number. Uh that would equal last month with a revision, which equals down 4/10 now, but you have to go to March to find a bigger drop in construction spending. ISM on the manufacturing side, the headline number comes in light at 48.0%.That means it's the fifth consecutive number in contraction t ...

Labor Market Analysis - The labor market shows signs that should be watched carefully, with headline numbers coming down [2] - Unemployment remains within the 41% to 43% range for the past year, indicating a healthy labor market that is still well in balance [2] - The labor market is largely in balance, but dynamism is lacking, making it harder to find a job if one doesn't have one [4][5] - Businesses fought hard to assemble and train their labor force and are reluctant to let them go, but this may not last if demand decreases [10] - Potential weakening on the labor side is anticipated, which might warrant a response, balanced against inflation concerns [11][12] Inflation and Tariffs - Inflation is a bigger and longer-lasting problem, with the Fed missing its target for four and a half years [5] - People are feeling the pain of inflation, making difficult choices and finding their $400 emergency fund doesn't stretch as far [6] - The US is missing more on the inflation side than on the employment side [7] - Expectation is that inflation numbers will tick up, with $30 billion a month in tariff revenues being paid by someone [13] - Importers have borne a lot of the tariff costs to date, but they can't absorb those costs anymore and will start pushing that out into prices to consumers [14] - Inflation is expected to continue to tick up into the end of this year [15] Monetary Policy and Economic Outlook - Uncertainty has been high for businesses, making it difficult to make investments and execute plans [9] - The economy is operating right around a neutral long-term rate, and the current stance is modestly restrictive [16] - September is a realistic possibility for a rate move, but one month's data is not determinative [17][18] - It's a tricky time for monetary policymakers, as both sides of the dual mandate (maximum employment and stable prices) could potentially be in conflict [20][21] - Companies have been delaying, postponing, or scaling back investment plans [23] Fed Credibility and Independence - The speaker has enormous respect for Chair Powell, who acts with integrity and aims to do what's best for the American people [26][27] - Independent central banks lead to better economic outcomes [31]

💥BREAKING:U.S. INFLATION DROPS TO 1.67% WHILE THE LABOR MARKET WEAKENS.POWELL IS TRAPPED.RATE CUTS ARE COMING. 🚀 https://t.co/8VzrQW4H1H ...

Key Takeaways Bitcoin dipped below $116K after hitting an all-time high, weighed by rate delays and tariff concerns.IBKR, HOOD, V, and PYPL show strong earnings growth and recent upward revisions in estimates.Visa is expanding stablecoin settlement on Solana, while PayPal and HOOD grow crypto payment services.The cryptocurrency rally has slowed over the past couple of days, with Bitcoin (BTC) retreating from its all-time high. Several factors have been weighing on the crypto market, but the decline is tempo ...

News just out from the Fed is on the Fed governors who dissented at this week's meeting. Steve Leeman joins us right now. He's got more on that front.Hi, Steve. Hey. Uh, governors Waller and Bowman continuing that tradition of explaining their descents on the Friday after the meeting.And, uh, they're both saying why they, uh, wanted or preferred a quarter point rate cut. Waller saying that tariffs are one-off price increases and do not cause inflation. Echoing uh, speeches he gave before the meeting.He said ...

Pakistan’s inflation accelerated after the government increased domestic fuel prices, vindicating a decision by policymakers two days ago to unexpectedly keep policy rate unchanged. https://t.co/RC0liPFlZN ...

Euro-area inflation held at the ECB’s target, supporting the case for officials who say there’s no rush to keep lowering interest rates https://t.co/12Ggc8ocY1 ...

Hot Czech Housing Market Poses an Inflation Problem https://t.co/upWw6wbl7z ...

Monetary Policy & Economy - JP Morgan CEO认为美联储主席是专业的，保持独立性很重要，实际上独立性可以降低利率[1][2] - 降低短期利率不一定对10年期利率产生影响，应该谨慎[2] - 鉴于宏观环境，JP Morgan CEO认为美联储将很快降息[3] - 美国经济已经软着陆四到五年，通货膨胀率仍未达到2%，可能在2%-2.5%或2.7%之间[3] - 如果通货膨胀率下降，经济持续良好，美联储可能会很快降低利率[4] Tariffs - JP Morgan CEO表示关税是温和的、经过深思熟虑的，并且更加谨慎地执行，人们可以应对15%的关税[4] Growth Drivers - JP Morgan CEO认为人工智能（AI）和改革监管是全球增长的两个主要推动力[6][7][8] - JP Morgan CEO认为人工智能最终将有利于生产力和效率的提高，即使人们会因此失业[7] - JP Morgan CEO认为通过消除与许可和其他方面相关的摩擦和流程，可以释放增长潜力[7] Leadership Succession - JP Morgan CEO表示继任计划始终是首要考虑的事情，但未在此次采访中讨论[5]

Market Performance - S&P 500 下跌 0.4% [1] Economic Indicators - 通货膨胀数据高于预期 [1] Upcoming Events - 关注周五的关税截止日期和就业报告 [1]