Fed governor WALLER: Forward guidance is 'problematic' when policymakers face multiple economic outcomes, each with a significant probability.

Zhangyuan Tungsten set long-term purchase prices for the first half of July 2026 at: 55% black tungsten concentrate 448,000 yuan/mt; 55% white tungsten concentrate 447,000 yuan/mt; ammonium paratungstate (APT, national standard grade‑0) 660,000 yuan/mt. Prices include 13% VAT. For comparison, Zhangyuan's late‑June 2026 long-term purchase prices were: 55% black 520,000 yuan/mt; 55% white 519,000 yuan/mt; APT 780,000 yuan/mt.

The 30-year U.S. Treasury yield moved back above 5% intraday without a corresponding jump at the short end that would signal stronger Fed rate-hike bets. Earlier the 2-year traded around 4.11%-4.13% and the 10-year around 4.46%-4.47%, leaving the short end relatively unchanged. The move resembles a re-test of long-end resistance — the 30-year hit 5.006% in early May and briefly touched 5% on July 1 — and points to persistent market concerns about long-term inflation, fiscal supply and term premium. Market impact is concentrated on long-term discount rates, mortgage rates and equity valuation anchors, not on the policy-sensitive short end.