Hammack said the Fed may need to raise rates further to return inf to its target range.

Iran's parliament speaker Ghalibaf said the Islamabad memorandum of understanding explicitly reaffirms Lebanon's independence and territorial integrity.

Investors' long-running yen carry trades—borrowing cheap yen to fund higher-yield assets—have funneled Asia-origin flows into global risk assets, including US stocks and commodities. The recent yen decline is market-relevant as markets approach the two-year anniversary in August of Japan's large August 2024 yen intervention, which triggered Japan's biggest one-day equity drop since 1987, amplified US volatility and saw the S&P 500 fall 6.1% over three days. ING global markets head Chris Turner says, given thin trading ahead of the July 4 holiday, Japan could buy yen as soon as Friday or wait until the July 20 Marine Day holiday to act.