USD/CHF eased off intraday highs after Swiss CPI missed forecasts but stayed within the weekly range and near a one-year high around 0.8140. June m/m CPI slowed to 0.0% from 0.2% in May (market est. 0.1%); YoY inflation fell to 0.5% from 0.6%. The softer prints reinforce expectations the SNB will keep its policy rate at 0% for the remainder of the year and possibly into 2027. With investors upping bets on further Fed hikes, the SNB’s low-rate stance may cap further franc gains. Market attention

Hassett criticized Powell's continued tenure, framing the dispute as a battle over Federal Reserve Board seats. Powell's chair term ends but his Board term runs to January 2028; as long as he remains a governor the White House lacks an immediate vacancy to fill and the Board's voting balance cannot be quickly rewritten along political lines. That shifts market focus from 'who will be chair and when cuts come' to a slower institutional variable: how Board-term protections limit presidential control of the Fed and how future policy splits may hinge not just on rate forecasts but on whether Board seats can be reshaped.

A private member of Japan’s Council on Economic and Fiscal Policy said the Bank of Japan should continue raising rates at a moderate pace, ideally every six months, to correct excessive yen depreciation. He said that pace would not harm domestic investment and expects the BOJ to hike at year-end, again in summer next year, then pause. He added he personally regards a June hike as appropriate, warning that delaying would risk further yen weakness and hurt households.