David Kelly, chief global strategist at JP Morgan Asset Management, said the Fed should hold rates and does not need to raise them, expecting inflation to taper gradually as evidence mounts that a persistent wage‑price spiral is unlikely. After July’s CPI showed moderate core inflation, US Treasuries extended gains. Kelly cited three disinflationary forces: tariff-related costs should fall on a year‑on‑year basis; oil prices are likely to retreat as markets grow optimistic the Iran war will end;

A shipowner paid about $4m to secure priority transit for container vessel Seaspan Benefactor through the Panama Canal, near a historic high, sources said. Iran-related hostilities have pushed global shipping to seek alternative routes, worsening canal congestion. Neo-Panamax LNG carriers, LPG ships, and crude and product tankers face roughly 10-day waits for transit, the longest since May. Restrictions at the Strait of Hormuz and Bab el-Mandeb have prompted Asian oil, gas, fertilizer and chemical traders to reroute. Panama Canal lock maintenance and El Niño-driven low rainfall have reduced capacity, lifting vessel waiting costs.

U.S. officials said on the 11th the government has rescinded a 2023 directive that prohibited TikTok on federal government devices, saying TikTok’s U.S. business reorganization no longer constitutes a national security threat. The White House Office of Management and Budget issued a memo on the 10th formally revoking the earlier directive. The Department of Justice provided a written opinion concluding TikTok is no longer a covered app under the relevant statute. Since late 2022 the federal government and several states had banned TikTok on government devices citing data-security concerns.