JP Morgan expects net interest income for fiscal 2026 to be about $105.5 billion.

Domestic News: 1. Xi Jinping will attend the opening ceremony of the 2026 World Artificial Intelligence Conference and the High-Level Meeting on Global Governance of Artificial Intelligence, and deliver a keynote speech. 2. The Long March 5 Y14 rocket arrived in Wenchang and will carry out the Chang'e 7 lunar probe launch mission. 3. The General Office of the CPC Central Committee and the General Office of the State Council issued an opinion on improving the system for managing natural resource assets. 4. The State Council recently issued the "15th Five-Year Plan for National Health": By 2030, the average life expectancy will reach 80 years. 5. Li Qiang chaired a symposium with economic experts and entrepreneurs to solicit opinions and suggestions on the current economic situation and the next steps in economic work. 6. The State Council approved the "15th Five-Year Plan for Expanding Consumption": The goal is to reach approximately 60 trillion yuan in total retail sales of consumer goods by 2030. International News: 1. TSMC's June revenue increased by 68% year-on-year, setting a new record for monthly revenue. 2. The Bank of Korea expects the AI-driven chip "supercycle" to continue, refuting concerns that it has peaked. 3. Meta pledges an additional $40 billion investment in its large data center campus in Louisiana, USA. 4. Federal Reserve Governor Waller: If core inflation remains hot this week, the FOMC will have to consider tightening monetary policy in the near term. 5. South Korea's semiconductor boom brings record tax revenue, prompting the South Korean government to raise its 2027 tax revenue forecast to 500 trillion won ($331.6 billion). 6. OPEC monthly report: Lowers 2026 global oil demand growth forecast to 780,000 barrels per day (previously 970,000 barrels per day). 7. Overnight market activity—International crude oil surged over 9%, spot gold fell below $4,000, silver fell 4%, the Nasdaq fell 1.5%, and the US dollar strengthened 0.3%. 8. Middle East situation— ① Iran continues to be attacked in multiple locations, with Iran striking US military facilities. ② Trump will deliver a national address at 9:00 AM on the 17th. ③ Houthi rebels in Yemen and Saudi Arabia exchange attacks. ④ The US will blockade Iranian ports starting at 4:00 AM on the 15th. ⑤ Trump says he will reinstate the blockade against Iran and plans to impose a 20% penalty on cargo shipments through the Strait of Hormuz. ⑥ Trump stated on Monday (Eastern Time) that he will launch a severe strike against Iran tonight and tomorrow, destroying the Jagdpanzer (possibly Iran's underground nuclear facility). Trump believes an agreement with Iran is possible. ⑦ Iran lifts export ban on petrochemical products. ⑧ The UAE claims two of its oil tankers were attacked by two Iranian cruise missiles in the southern Strait of Hormuz.

Fed chair Kevin Warsh said new indicators are needed to gauge underlying inflation.