NVIDIA CEO Jensen Huang and U.S. Commerce Secretary Lutnick attended a G20 technology event in North Carolina.

Fed's Williams said yields are rising due to a strong economy and an optimistic outlook.

Fed Governor John Williams said bond yields are an important input for the Fed; the recent rise in yields largely reflects strong economic activity, an optimistic outlook and robust investment demand, with some linkage to the Middle East conflict, but so far yields do not appear to be driven by a change in the inflation outlook. He said the Fed will weigh all economic data and that price stability remains the primary objective — returning inflation to 2% is the top priority. Tariffs and the Middle East war are the main factors keeping inflation above target; he has not seen evidence of second-round inflation effects from tariffs and inflation expectations remain contained. Recent inflation prints are encouraging and overall trend is downward, though services inflation remains clearly elevated. The labor market is stable and still tight; Williams said the Fed needs to drive inflation back to 2% in the foreseeable future and wants more data before making the next policy move, continuing to gather information ahead of the next FOMC. He said he supports the July FOMC decision, views the current policy rate as appropriate, and that policy implementation is proceeding smoothly.