CENTCOM said U.S. forces carried out a second strike of the day against Iran at 3:00 p.m. ET (03:00 Beijing, July 16), targeting Iranian military capabilities used to threaten vessels transiting the Strait of Hormuz.

Bank of Korea raised its benchmark rate 25 bps to 2.75% on the 15th. As South Korea enters a rate-hike cycle, concern is growing that already-rising loan rates could climb further. Banking-sector data on the 15th showed five-year fixed mortgage rates at the five largest banks—KB Kookmin, Shinhan, Hana, Woori and NH Nonghyup—ranged 4.74%–7.41%, with the top rate approaching 8%. The lower bound has risen about 42 bps since late May. The data indicate market rates moved up ahead of the central bank and that regulatory limits on loan volumes are reducing banks’ incentives to keep lending rates low.

Fed's Williams says the inflation risk from energy prices has eased.