Spain July change in unemployed: +19.5k; previous -28.7k.

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Evercore ISI said the Fed’s foreign and international monetary authorities (FIMA) repo facility is unlikely to sustain prolonged U.S.-Japan intervention to defend the yen. The facility lets overseas holders use U.S. Treasuries as collateral to obtain dollars without selling securities in the open market, but it is capped at $60bn per counterparty per day—only slightly above Evercore’s estimate of Japan’s one-day intervention last Thursday. Strategists warned a capped repo could invite market testing of U.S. and Japanese resolve if defending the yen required large-scale Treasury sales. The facility is designed to provide short-term liquidity, not durable financing: borrowings must be rolled to persist and rates are set above private repo costs, signalling it is not intended for routine or sustained FX intervention.