Baltic Dry Index fell 3.23% to 2,844 points.

Fed's Hammack said the Fed must be accountable for an inf reading; this is very important.

Goldman analyst Robert Kaplan said the Fed’s decision to hold in July was “absolutely” correct and urged policymakers to stay open-minded through September, arguing complex, offsetting inflation drivers make rigid forward guidance counterproductive. He cited inflationary pressure from AI build-out, tariffs, labor constraints and oil-price spikes, while AI applications are working the other way and accelerating disinflation. Kaplan said he could remain on hold if he sees meaningful improvement but wants to use the interval before September to reassess rather than lock in a view. He urged Fed speakers to use this month’s Jackson Hole symposium to briefly explain the July pause rather than give a purely “philosophical” speech. Kaplan said he is more worried about the long end of the US Treasury curve than the fed funds rate, attributing the global rise in long yields to a structural supply–demand imbalance driven by persistently loose fiscal deficits rather than Fed policy.