U.S. 8-week Treasury auction to July 2: stop-out rate 3.65%, prior 3.66%.

DALY said there is a scenario in which the Fed may have to continue fighting inflation.

China International Capital Co said markets began to wobble in mid‑May and staged a partial recovery in early June but remain below prior peaks. Hot thematic sectors show high cumulative gains and crowding, and style rebalancing has gained traction. Internationally, transit through the Strait of Hormuz has eased crude supply disruption and pushed WTI toward about $70/bbl, easing upward pressure on global inflation; however Kevin Warsh's policy stance continues to intermittently influence US monetary expectations. Domestically, the A‑share market is entering interim‑results season; stronger July–August results are expected to support indices, CICC says prior volatility and rapid style rotation may be waning, and interim earnings should progressively become the main investment focus.