Licaitong (demand + 7-day annualized) 7-day yield range 1.0700%–0.7540%; WeChat Wallet Lingqiantong 7-day annualized range 1.0180%–0.9480%; Alipay Yu’e Bao 7-day annualized range 1.0170%–1.0010%.

BNY Mellon senior macro strategist Jeff said softer US labor data and improving inflation have reduced the urgency for further Fed tightening, but that does not resolve whether the growth slowdown is controllable or whether market policy expectations have overshot. He added the global narrative is fragmenting: in the US the question is whether the Fed can remain patient if inflation risks do not re-emerge; in Europe focus is shifting from emergency inflation fighting to growth, fiscal credibility and defense financing.

George Goncalves, head of U.S. macro strategy at Mitsubishi UFJ Securities America, said Wosh’s sparing use of words raises the market significance of the Fed’s June minutes as a rare window into officials’ divergent views. He added some investors have questioned Wosh’s hands-off approach and are pushing for greater transparency; many market participants are unused to reduced communication and doubt how long the Fed can sustain it, leaving traders to read between the lines.