Federal Reserve's Hammack said inflation is broad-based and not confined to a few sectors.

AI chipmaker Cerebras reported Q2 revenue $210m, up 103% YoY. Cloud revenue surged to $126m, nearly 4x YoY, while hardware sales fell 23% to $54.1m. The company posted a net loss of $450.5m in the quarter versus net income of $309.5m a year earlier. Cerebras raised full-year core revenue guidance to $880m–$890m from $855m–$865m previously. It said core gross margin will expand to 38–40% this quarter to address investor concerns. Shares fell more than 17% in after-hours trading. Since its May IPO the stock has risen about 42%. The company, originally positioned as a challenger to NVIDIA, now derives its largest revenue from cloud services.

U.S. Climate Prediction Center (CPC) says El Nifio is strengthening; probability of a strong El Nifio event in the 2026-27 northern hemisphere autumn-winter exceeds 90%.