US Treasury Yields Slide After Waller’s July Cut Call: Markets Wrap

At Wolfe Research, Chris Senyek says economic data releases this week have been consistent with his view that the US economy is coming in better than consensus expects.

“However, we continue to be worried about the risk of inflation remaining stickier than expected in the back half of 2025,” Senyek noted.

Investors also kept an eye on trade headlines.

President Donald Trump is readying plans for industry-specific tariffs to kick in alongside his country-by-country duties in two weeks, ramping up his push to reshape the US’s standing in the global trading system by penalizing purchases from abroad.

Trump is pushing for a minimum tariff of 15%-20% in any deal with the European Union, the Financial Times reported. Meantime, Japanese Prime Minister Shigeru Ishiba and US Treasury Secretary Scott Bessent indicated the two nations could reach a “good” trade deal while signaling the process may take more time.

Elsewhere, the total market value of cryptoassets surged past $4 trillion for the first time, driven by a rally in altcoins and momentum from a sweeping US legislative push to regulate the sector.