US Philadelphia Fed manufacturing new orders index (June) 27.3, prior -1.7.

IMF Managing Director Georgieva said reaching the memorandum is a positive development and that technical work now begins.

Mike Shedlock of SitkaPacific Capital Management said Wash is Trump’s best personnel pick for Fed chair. In his debut Wash avoided preset policy positions, pledged to study improved data collection, signaled dislike of the dot‑plot but did not abolish it and chose not to submit his own projections. Shedlock labeled Greenspan, Bernanke, Yellen and Powell failures, singling out Bernanke for large‑scale QE, instituting interest‑on‑reserves and strong reliance on forward guidance. He said Wash wants to end interest‑on‑reserves—a welcome change—and favors slow, research‑driven reforms that can build consensus. Shedlock strongly criticized Wash’s trimmed‑mean inflation metric as excluding more data than it retains and said he is skeptical of Wash’s market‑based inflation measures.