JPMorgan CEO Jamie Dimon said that accurate economic forecasts are a challenge because key shifts are apparent only in hindsight, citing tariffs and trade uncertainty, worsening geopolitical conditions, high fiscal deficits and elevated asset prices, Reuters reported June 15.

Some investors had clung to a bit of hope that the Federal Reserve would cut interest rates at its next meeting on July 30. Tuesday's report on inflation brought the chances of that down even further.

Interest in Pepe remains high despite the trend reversal experienced on Tuesday, which saw the meme coin test support at $0.00001169. According to CoinGlass, the futures Open Interest (OI) has increased by 33.5% to $685 million, from $455 million, as of July 2.

The Pound Euro ( GBP/EUR) exchange rate wavered on Thursday as markets reacted to the UK’s latest labour market report. At the time of writing, GBP/EUR was trading at €1.1539, only marginally up on the day, having retreated after touching €1.1562.

The Reserve Bank shocked most experts, and borrowers, by keeping interest rates on hold in July, but does it mean we might see a super-sized cut in August?

Wells Fargo beat second-quarter profit estimates on Tuesday but cut its 2025 guidance for net interest income, dropping shares of the lender by more than 5%.

Money markets now suggest only about a 6% chance of a quarter-point cut on that day after the bank’s next policy meeting, down from about 15% prior to the CPI report. Those probabilities for a rate cut had already been trending down since a surprisingly strong Canadian employment report for June was released earlier this month.

The Federal Reserve cut interest rates in 2024 after having raised them 11 times throughout 2022 and 2023 to combat inflation, but savings rates still haven't substantially declined.

Jamie Dimon warned that markets are underestimating inflation and the risk of more Fed rate hikes amid global trade tensions.

The newly published meeting minutes highlighted a divide over how Federal Reserve officials expect the economy to respond to President Donald Trump's tariffs.