币界网报道：Money flowed into the Dow Jones and small-cap stocks. Nasdaq lags Trump: Not considering extension of July 9 deadline Crude oil futures settle at $65.45 Nikkei: US will deal with Japan later in tariff talks after focusing on India Republican Norman says he opposes rules and Senate tax bill Trump: They (US) will fill SPR when price is right House to vote on Trump tax bill tomorrow WSJ Timiraos: Don't think Powell/Fed will cut rates in July Atlanta Fed GDPNow estimate for Q2 growth is 2.5%, vs. 2.9% last time US Senate passes sweeping tax cut and spending bill European indices close mixed Summary of comments from central bankers at ECB forum US construction spending -0.3%, expected -0.2% ISM manufacturing PMI for June at 49.0, expected 48.8 US JOLTs job openings 7.769M in May, expected 7.300M US June S&P Global Manufacturing PMI Final at 52.9 vs. 52.0 Preliminary Watch Live: ECB SIntra Central Bank Panel. Powell: Fed will be patient on rates White House CEA Miran: optimistic on trade deal with EU War of words between Trump and Musk intensifies Gaza talks: A deal is possible soon Trump: Musk unhappy about losing EV mandate, but he "could lose more" ECB's Muller: ECB rate unchanged makes sense Forexlive European FX News: Eurozone CPI in line with expectations, USD still under pressure SNB's Zanetti: Negative rates are an option USD is again on the back foot during US trading hours. Both EURUSD and GBPUSD hit new record highs for 2025 (USD lower). However, JOLTs job openings were strong, coming in above expectations (7.769 million vs. 7.300 million expected). The ISM data was OK (49.0 vs. 48.8 expected and 48.5 last month). Fed Chairman Powell, speaking at the ECB Forum in Sintra, Portugal, did not rule out a rate cut in July, but he was not very encouraging about the possibility. He continued to appease his nemesis, Pres. Trump, who continues to criticize the Chairman for his reluctance to cut rates. Powell conceded today: The U.S. economy is in good shape and inflation is at favorable levels, aside from the impact of tariffs. He noted that inflation readings are expected to be higher this summer due to tariffs. He said the Fed might have cut rates if it weren't for the increased risks. He reiterated the Fed's commitment to a data-dependent, meeting-by-meeting approach and did not rule out a rate cut in July. He stressed the need to keep a close eye on inflation and labor market data. On fiscal issues, he acknowledged that the U.S. debt path is unsustainable and needs to be addressed. Oh, and he declined to comment on his future at the Fed, but advised his eventual successor to avoid political entanglements. Comments from other central bankers: ECB President Christine Lagarde said the Eurozone had achieved its 2% inflation target but stressed the need to remain vigilant. She reiterated the ECB’s data-dependent stance, noting that decisions will be made meeting by meeting without committing to a specific interest rate path. More broadly, she warned that any major shift in the global role of the USD would take considerable time. Lagarde also expressed deep concern about the erosion of truth in the digital age, citing AI and manipulation of public opinion as emerging threats to data integrity. BoE Governor Andrew Bailey said inflationary pressures remain and the potential for second-round effects is being closely watched. He pointed to signs of weakness in the economy and labor markets and argued that the overall direction of interest rates remains downward. While it is too early to assess the full impact of tariffs, he warned that they could weigh on demand and supply chains. Bailey stressed that policy remains restrictive but expects it to gradually become less restrictive and move towards neutral. He added that the concept of “restrictiveness” is central to the BoE’s thinking and advised his successor to remain humble. Bank of Japan Governor Kazuo Ueda stressed that while headline inflation has been above 2% for nearly three years, underlying inflation remains below target. He said any future rate hikes will depend on overall inflation dynamics, including wage growth and expectations. Ueda noted that Japan's current policy rate remains below neutral and steered clear of comments on trade talks. The central bank's comments and U.S. data helped reverse the USD's decline, with larger losses either erased or reduced. The USD ended mixed. Here are the percentage changes in the USD against major currencies: EUR -0.11% JPY -0.32% GBP -0.08% CHF, -0.18% CAD, +0.26% AUD, unchanged NZD, unchanged. After starting the U.S. trading session lower, Treasury yields moved higher, especially in the short term. 30-year bond yields fell slightly: 2-year bond yield 3.774%, +5.3 bps 5-year bond yield 3.831%, +3.8 bps 10-year bond yield 4.241%, +1.6 bps 30-year bond yield 4.763%-1.1 basis points U.S. stocks closed mixed, with the Dow Jones Industrial Average and the small-cap Russell 2000 index rising, while the S&P 500 closed close to flat and the NASDAQ closed lower. This divergence reflects a rotation of funds from large-cap technology stocks to small-cap and industrial stocks in favor of the more cyclical components of the Dow Jones index Dow Jones +0.91% S&P index -0.11% NASDAQ index -0.82% Russell 2000 +0.94% Other markets: Crude oil futures remain in a range of $64 to $66.33. It is currently up $0.45 at $65.56. The level is $0.30 above the 100-hour moving average of $65.26. Traders are waiting for the next push. Gold prices rose $36.98, or 1.12%, to $3340.15. Bitcoin fell $1418 to $105,761. In the gossip news, Pres. Trump and Elon Musk attacked each other again, but didn't go very far. Still, Trump did say that maybe Elon needs to be "DOGED," which would save taxpayers a lot of money. Trump also threatened to impose 30-35% tariffs on Japan, and that he doesn't think a deal will be reached before the July 9 deadline. He does see the potential for a trade deal with India. The Senate passed the ambitious tax bill, but there are concerns that the most conservative Liberal members of the House are not happy with the Senate's spending amendments. This could jeopardize the president's signing on Friday, July 4.