CIFC Asset Management managing director Natalia Loyevesky said in a report the bond market has, to some extent, been performing part of the Federal Reserve's policy function. She noted the U.S. 2-year Treasury yield has traded noticeably above the federal funds rate for some time—an expression of Fed policy—and said monetary policy expectations are converging, with the Fed and the market pricing roughly a 60% chance of a September rate hike.

US independent senator Bernie Sanders rebuked President Trump’s proposal to rename the Strait of Hormuz “Trump Strait,” calling it a distraction from an illegal US war in Iran that, he said, has pushed diesel to $5.69/gal and gasoline to $4.12/gal and urging an end to the conflict.

President Putin formally commissioned the wet-process cathode copper plant at Udokan, one of the world’s largest copper deposits; the facility was rebuilt after a fire nearly three years ago. The plant will produce 99.99% cathode copper and is planned to lift the mine’s output to about 150,000 tpa; the company says a second phase under way could raise capacity to 550,000 tpa. The restart adds potential refined supply into a market that this year has seen trade-flow disruption and mine outages; LME copper is trading near record highs after a brief, severe delivery squeeze last month amid strong demand expectations from data centers and renewables.