Turkey's foreign minister said Ankara does not interpret Trump's earlier remark that "the ceasefire had ended" as meaning the ceasefire agreement is actually terminated; he said it was a response to recent incidents between the US and Iran.

Deutsche Bank says a dense slate of Fed speeches precedes the next quiet period. Key schedule: Waller speaks Monday at the New York Commercial Economic Club; the Chair testifies Tuesday–Wednesday. Several officials will give outlooks after the June CPI print — Cook on Wednesday, Vice Chair Jefferson, Dallas Fed’s Logan and Kansas City Fed’s Schmidt on Friday. Deutsche Bank expects the Chair to reiterate recent remarks and stay tight-lipped on future action; Waller is likelier to outline his reaction function, so his remarks merit close attention for policy signals. Market focus will be how officials interpret June CPI and whether any signal support for a July rate increase. The June minutes noted “several” officials saw a case for a hike last month; since then oil and inflation expectations fell then partially rebounded and the unemployment rate declined further, leaving open the possibility of dissenting votes in July in favor of tightening.

US Treasury Secretary Bessent said Iran's supreme leader is isolated and the US will continue to press to sever the Iranian leadership's links to the global financial system.