China's National Bureau of Statistics: June above-designated-size industrial crude oil output 18.12 mln tonnes, down 0.5% YoY; daily average 604,000 tonnes.

Nick Timiraos said June CPI gave Fed chair Kevin Walsh room entering a two-day congressional testimony, his first Hill appearance since April confirmation. Softer-than-expected inflation allows Walsh to stick to his written testimony, avoid fresh forward guidance and protect FOMC consensus without being boxed in. Timiraos notes Walsh favors responding to data rather than pre-feeding markets; he can endure lengthy questioning while using prepared language on tariffs, AI investment and whether policy remains restrictive — stressing price stability — which reduces the likelihood the hearings produce new market-moving policy signals.

美国6月未季调食品通胀年率 3%，前值3.1%。