S&P 500 and Nasdaq notch record highs as Nvidia gains

The S&P 500 and Nasdaq notched record-high closes on Tuesday, fueled by gains in Nvidia after US Federal Reserve Chair Jerome Powell told lawmakers that more “good” economic data would strengthen the case for rate cuts.

AI chipmaker Nvidia climbed 2.5%, offsetting declines in other chip stocks.

Microsoft dipped 1.4%, while Tesla added 3.7%, bringing its gain in 2024 to 5%.

It was the Nasdaq’s sixth straight record-high close and the S&P 500’s fifth straight as optimism about the growth of AI across the US corporate landscape offset uncertainty around the Fed’s rate-cut path.

In testimony before Congress, Powell said that while inflation “remains above” the 2% soft-landing target, it has been improving in recent months, and “more good data would strengthen” the case for interest-rate cuts.

However, the central bank chief insisted he was not “sending any signals about the timing of any future actions.”

Markets have stuck to pricing in 50 basis points of easing for the year, seeing a nearly 72% chance for a 25 bps cut by the Fed’s September meeting, according to CME’s FedWatch. Those bets were at under 50% a month ago.

“The US economy, and currently the US labor market, have been surprisingly resilient through the course of 2024 and our base case is that a recession is not the highest probability outcome, but rather we should continue to expect moderate growth through the balance of this year and into next,” said Bill Northey, senior investment director at US Bank Wealth Management.

Inflation data is also due this week, including Thursday’s consumer price index and the producer price index reading on Friday.

Shares of JPMorgan and Wells Fargo climbed over 1% and Citi C.N rose 2.8%. The three banks will release quarterly results on Friday, marking the start of the second-quarter earnings season.

Reuters reported that the Fed was considering a rule change that could save big banks billions of dollars in capital.

Analysts on average see S&P 500 companies increasing their aggregate earnings per share by 10.1% in the second quarter, up from an 8.2% increase in the first quarter, according to LSEG I/B/E/S data.

The S&P 500 climbed 0.07% to end the session at 5,576.98 points.

The Nasdaq gained 0.14% to 18,429.29 points, while the Dow Jones Industrial Average declined 0.13% to 39,291.97 points.

Even as the S&P 500 rose, declining stocks outnumbered rising ones within the index by a 1.5-to-one ratio.

Tempus AI rose almost 4% after JPMorgan, Morgan Stanley, and other brokerages initiated coverage of the stock with bullish ratings. The genetics testing firm, which receives “immaterial” revenue from its AI business, is down around 7% from the $37 price set in its June IPO.

Volume on US exchanges was relatively light, with 9.6 billion shares traded, compared with an average of 11.6 billion shares over the previous 20 sessions.

(Reporting by Noel Randewich in Oakland, California; Additional reporting by Lisa Mattackal and Ankika Biswas in Bengaluru; Editing by Pooja Desai and Matthew Lewis)

Dollar gains as Fed’s Powell cautious on rate cuts

The dollar gained on Tuesday after Federal Reserve Chair Jerome Powell acknowledged progress in inflation, but did not give a clear signal that the US central bank is close to cutting interest rates.

Powell said that inflation “remains above” the US Federal Reserve’s 2% target, but has been improving in recent months and “more good data would strengthen” the case for central bank interest rate cuts.

He made the comments in congressional testimony, appearing to show increasing faith that inflation will return to the Fed’s target, a requirement for easing monetary policy.

“The market is counting the days until we get a rate cut signal from Federal Reserve Chair Powell and I think there were some in the market who were looking for a more concrete step towards rate cuts later this year,” said Adam Button, chief currency analyst at ForexLive in Toronto.

“When he didn’t deliver that we saw a little bit of US dollar buying,” Button said.

The dollar index, which measures the US currency against the euro, sterling, yen, and three other major rivals, was last up 0.11% at 105.09. It fell to 104.80 on Monday, the lowest since June 13.

Traders have boosted bets since Friday’s jobs report that the Fed will cut twice by December, with the first reduction likely in September.

The jobs data for June showed rising unemployment and downward revisions for jobs gains for the prior two months.

This week’s main US economic focus will be Thursday’s consumer price index for June, which is expected to show that headline prices rose 0.1% on the month, while core prices gained 0.2%. That would put annual gains at 3.1% and 3.4%, respectively.

The euro dipped after Monday’s sharp swings as investors came to terms with a hung parliament in France, which points to a potential political gridlock but lessens fiscal concerns stemming from outright far-right or leftist victories.

French political leaders from the left-wing bloc that came first in Sunday’s legislative election said they intended to govern according to their tax-and-spend program, but centrists laid claim to a role as the left lacks a majority.

The single currency was last down 0.04% at USD 1.0818. It reached USD 1.0845 on Monday, the highest since June 12.

The European Central Bank can continue to gradually reduce interest rates without jeopardizing a current fall in inflation, governing council member Fabio Panetta said on Tuesday.

The ECB cut rates for the first time in June from their record highs, but has made no explicit commitment on a follow-up move.

The dollar strengthened 0.29% to 161.27 Japanese yen. It is holding below a 38-year high of 161.96 reached last week.

Some market players called on the Bank of Japan to slow its bond-buying to roughly half the current pace under a scheduled tapering plan due out this month, the central bank said on Tuesday.

Sterling weakened 0.09% to USD 1.2794.

In cryptocurrencies, bitcoin gained 1.76% to USD 57,254.

(Reporting by Karen Brettell; Editing by Jan Harvey and Angus MacSwan)

S&P 500’s tech dominance sparks calls for portfolio diversification

The gap in returns between the S&P 500 and the index’s equal-weighted counterpart is at its widest in 15 years, underscoring the need to diversify beyond AI heavyweights such as Nvidia.

The S&P 500 is at record levels mostly due to a handful of megacap stocks such as Microsoft and Nvidia, fueling concerns that 2024’s rally could dissipate if the sentiment changes around those select AI-linked shares.

The spread in total returns between the S&P 500 and the benchmark index’s equal-weighted peer widened to 10.21% in the first half of the year, according to data from S&P Dow Jones Indices.

“High valuations and lofty expectations lead to more market risks. If they fail to meet their lofty growth expectations, there will be a pullback in major indexes,” Cetera Investment Management’s chief market strategist Brian Klimke said.

The spread between the S&P 500 and its equal-weighted counterpart was the most since 2009, when tech stocks rebounded from a bruising selloff during the 2007-08 financial crisis.

The S&P 500’s top 10 stocks are now starting to approach levels seen during the dotcom bubble when their weightage in the index accounted for a little over 40%, Klimke added.

Excluding Nvidia, whose shares have more than doubled, the S&P 500 is up about 10% in the first half of 2024, and without the so-called “Magnificent Seven” stocks the benchmark index’s gains are just over 6%, S&P Dow Jones Indices data showed.

Amid such concerns around lofty valuations of tech stocks, which many are now comparing to the dotcom bubble two decades ago, market participants see value in broadening their portfolio by focusing on the relatively cheaper sectors.

Dakota Wealth Management’s senior portfolio manager Robert Pavlik sees value in financials, healthcare, and energy stocks, among others.

“Focus on picking the best stocks and less attention to the indices,” Pavlik added.

Still, many expect the gap between the two indexes to narrow going ahead, as any interest rate cut by the US Federal Reserve could prop up small- and mid-cap stocks.

(Reporting by Ankika Biswas in Bengaluru; Editing by Shounak Dasgupta)

Oil prices fall more than 1% after US crude hub escapes serious damage from Beryl

NEW YORK – Oil prices eased more than 1% on Tuesday after traders learned that prolonged supply disruptions from Hurricane Beryl were unlikely after a US oil-producing hub in Texas suffered less storm damage than feared.

Brent crude futures settled at USD 84.66 a barrel, falling USD 1.09 a barrel, or 1.3%. US crude settled at USD 81.41 at, losing 92 cents, or 1.1%.

Although some offshore US production sites were evacuated, ports closed and refining slowed, major refineries along the country’s Gulf Coast appeared to sustain minimal impact after Beryl weakened into a tropical storm.

“Early indications suggest that most energy infrastructure has come through unscathed,” ING analysts Warren Patterson and Ewa Manthey wrote in a client note. Price action in crude oil and refined fuel markets reflected waning expectations of ongoing supply disruptions from the hurricane, they added.

Texas accounts for more than 40% of crude supplied in the US, the world’s top producer.

“As we get more reports out of Texas and Houston that things are somewhat flooded but OK, angst leaves the market,” said John Kilduff, a partner at Again Capital in New York.

Major Texas oil shipping ports were set to reopen on Tuesday, and some facilities were ramping up output again.

Several refiners such as Marathon Petroleum were preparing to restart their refining units.

Oil investors also had a mixed reaction to comments by Federal Reserve Chair Jerome Powell, who told a Congressional hearing on Tuesday that the economy was no longer overheated and that the job market had eased.

Despite indicating a possible nearing of interest rate cuts, oil prices sank further after the remarks as a weakening economy could hinder crude demand.

“The comments cut both ways,” Kilduff said.

Market participants are also watching the situation in the Middle East. On Monday, oil prices settled down 1% on hopes a possible ceasefire deal in Gaza could reduce worries about global crude supply disruption.

Senior US officials were in Egypt for talks on Monday, but gaps remained between the two sides, the White House said, and Hamas said a new Israeli push into Gaza threatened a potential agreement.

“Crude futures were inching lower early Tuesday after a second consecutive session of losses suggested an overdue pullback from (a) nine-week high,” said Vandana Hari, founder of oil market analysis provider Vanda Insights.

(Additional reporting by Noah Browning, Arunima Kumar, Colleen Howe, and Trixie Yap; Editing by Mark Potter, David Gregorio, and Bill Berkrot)

All eyes on Powell

The global markets spotlight moves from Paris to Capitol Hill on Tuesday as Federal Reserve Chair Jerome Powell testifies before the US Congress and a busy week of events revs up.

Politics were front and center on Monday as investors digested the surprise election in France that saw the leftist New Popular Front alliance unexpectedly coming first. French stocks gave up early gains to drop 0.6% as investors mulled the chances of a hung parliament, while the pan-European STOXX 600 index ended little changed.

The euro waffled against the dollar, at one point touching a multi-week high against the greenback before moving lower.

US politics were also a hot topic, with President Joe Biden under pressure to drop out of the presidential race after his shaky debate performance. Biden refused to abandon his reelection campaign on Monday, but investors were preparing to game out scenarios if another Democratic candidate emerges.

Despite the political turmoil, the benchmark US S&P 500 stock index and MSCI’s all-country index both logged record highs on Monday.

Japan’s Nikkei hit a record intraday high on Monday before closing down 0.3%.

Meanwhile, mainland China and Hong Kong stocks ended lower on Monday, with the blue-chip CSI300 index dropping 0.85% for its fifth-straight session of losses.

Powell stands as the next test for assets. The Fed chief is set to deliver his semi-annual monetary policy testimony before the banking committee of the US Senate. He will also be grilled by the other chamber of Congress the next day, appearing before a House of Representatives panel.

Investors have been solidifying their view for the Fed to start rate cuts in September, with roughly 75% odds of a cut at that meeting, according to Fed Funds futures pricing.

Will Powell give any hints? In Portugal last week, the Fed chair said the central bank still needs more data to ensure inflation has moderated sufficiently. Thursday’s consumer price index report will provide the next evidence on the path of inflation.

Here are key developments that could provide more direction to markets on Tuesday:

– Taiwan import/export (June)

– Australia business confidence (June)

– Fed Chair Powell testifies at Senate committee

(Reporting by Lewis Krauskopf; Editing by Josie Kao)

US yields mixed as market awaits Powell, inflation data

NEW YORK – US Treasury yields were mixed on Monday as investors awaited guidance from the US central bank and June inflation data later this week to assess the next moves for government bonds.

Benchmark 10-year yields were last at 4.269%, slightly lower than on Friday. Two-year yields, which are more directly linked to changes in monetary policy expectations, were at 4.618%, up from 4.599% on Friday.

Yields, which move inversely to prices, had fallen sharply on Friday after closely watched jobs data showed a weakening US labor market, which bolstered expectations that the Federal Reserve will begin to cut interest rates in September.

Fed Chair Jerome Powell’s testimony before the Senate on Tuesday and the House on Wednesday could give investors more clues on the likely direction of rates. Some expect Powell to strike a relatively dovish tone in light of recent data, after saying in a speech last week that the US economy was back on a disinflationary path.

“You’ve had some less than favorable economic data so I think, while he’s not going to be over the top dovish, he’ll be more dovish than he is hawkish in my opinion, and then we’ll see what CPI brings,” said Tony Farren, managing director at Mischler Financial Group.

A Federal Reserve Bank of New York consumer survey released on Monday showed inflation a year from now was seen at 3% as of June, down from the 3.2% increase expected in May.

The release on Thursday of the June Consumer Price Index (CPI) could inject more optimism among bond investors about a possible central bank shift to lower rates, if it comes within expectations. The probability of a 25 basis point Fed rate cut in September stood at 71% on Monday, with traders of futures contracts tied to the Fed policy rate betting on a total of two 25-point cuts for the whole of 2024.

Treasuries on Monday were also reflecting moves in European markets, where French government bond yields fell to two-week lows after Sunday’s election resulted in a hung parliament, assuaging fears of a far right victory.

“Some of the geopolitical risk in Europe is tempered and that might be helping keep yields in the US in check for now,” said Matthew Miskin, co-chief investment strategist at John Hancock Investment Management.

Developments around the US presidential elections could, on the other hand, keep driving the US government bond market as pressure mounts on President Joe Biden to withdraw his re-election bid.

Long-term Treasury yields rose after Biden’s shaky performance against Republican rival Donald Trump in the first presidential TV debate last month, as investors anticipated higher fiscal deficits and inflationary policies under a potential second Trump presidency.

Specifically, the curve comparing yields of different Treasury maturities ‘bear-steepened’ as long-dated yields have risen faster than short-dated ones.

“Investors’ response to a new candidate from the Democrats is uncertain and likely contingent on the individual,” BMO Capital Markets strategists said in a note.

“That being said, as demonstrated by the recent price action, an increase in the probability that Trump retakes the White House has been a bear steepener in Treasuries, suggesting the opposite will be true in the event the Democrats put forward a different contender,” they wrote.

A closely watched part of the US Treasury yield curve measuring the gap between 10- and two-year yields, an indicator of economic expectations, was at a negative 35 basis points on Monday, a slightly deeper inversion than on Friday.

(Reporting by Davide Barbuscia; editing by David Evans and Richard Chang)

Gold drops more than 1% as risk appetite grows

Gold prices fell more than 1% on Monday, hurt by a risk-on rally in equities and profit-taking by investors after a sharp rally in the previous session over expectations that the US Federal Reserve could cut interest rates in September.

Spot gold was down 1.4% to USD 2,357.88 per ounce as of 2:04 p.m. ET (1804 GMT), after rising to its highest level since May 22 on Friday.

US gold futures settled 1.4% lower to USD 2,363.50

“This looks like a lot of profit-taking, and the equities are strong this morning here, which kind of has a little bit of a competing factor with precious metals,” said Bob Haberkorn, senior market strategist at RJO Futures. .N

The Nasdaq and the S&P 500 hit record highs, while the Dow scaled a more than one-month high. .N

“However, I believe you’ll see gold higher based off the prediction that the Fed is going to be cutting rates. The Fed watch tool saw rate cuts coming in September and then another cut possibly in November and December that will be bullish for gold.”

Data last week pointed to a slackening labor market keeping the US central bank on course to start cutting interest rates soon.

Markets are currently pricing in a 71% chance of the Fed cutting interest rates in September and another cut in December.

“If we get another downside surprise in inflation data, which we have seen pretty consistently in US data, then that’s going to be a tailwind for gold,” said Kyle Rodda, a financial market analyst at Capital.com.

Investors this week will be focussed on Fed Chair Jerome Powell’s semi-annual Congressional testimony, comments from a series of Fed officials, and US inflation data due on Thursday.

Elsewhere, top consumer China’s central bank refrained from gold purchases to its reserves for a second consecutive month in June.

Spot silver slipped 1.7% to USD 30.68 per ounce, platinum fell 2.4% to USD 1,001.75 and palladium dipped 1.5% to USD 1,010.87.

(Reporting by Brijesh Patel and Sherin Elizabeth Varghese in Bengaluru; Editing by Tasim Zahid and Shailesh Kuber)

STOXX 600 flat as markets assess France’s hung parliament prospects

European shares were muted on Monday as investors mulled the chances of a hung parliament
in France after the left alliance’s unexpected advance in the election, while weak energy shares were a drag.

The pan-European STOXX 600 index ended flat at 516.43 points. The oil and gas sector was the biggest drag on the benchmark index, down 1.1%, as crude prices took a hit.

French stocks gave up early gains to shed 0.6% on the prospect of taxing negotiations starting Monday to form a government, after a surprise left-wing surge blocked the far right’s quest to win the snap election called by President Emmanuel Macron.

“A pact of coordination between the center and the left was formed to reduce the chances of the latter. Arguably, this pact has been successful, but the outcome looks like a classic case of unintended consequences,” said Jamie Ross, portfolio manager, European Equities at Janus Henderson Investors.

“If political wrangling reaches complete deadlock, some sort of a technocratic government would be the likely outcome. This would be a benign outcome for markets.”

Shares of BNP Paribas, France’s largest bank, lost 1.7% while SocGen fell 1.2%.

Data from Germany showed exports fell more than expected in May due to weak demand from China, the US and European countries. Market attention will shift to US and German inflation data due later this week that will shape the narrative for the path of future interest rate cuts.

Friday’s US jobs report bolstered the case for a September rate cut from the Federal Reserve, lifting chances of an easing to 77%.

Among individual movers, Grifols jumped 9.7% after the Grifols family and Canadian fund Brookfield agreed to launch a joint takeover bid for the Spanish drugmaker with plans to delist it.

UK’s Britvic climbed 4.4% as the soft drinks maker said it has agreed to be taken over by Carlsberg for 3.3 billion pounds (USD 4.23 billion) after the Danish brewer sweetened its bid.

Shares of Carlsberg also rose 3.3%.

Delivery Hero dropped 7.1% to the bottom of the STOXX 600 after it said it may face a fine exceeding 400 million euros from Brussels due to antitrust violations.

ASML shares briefly crossed the 1,000 euro (USD 1,084.30) mark for the first time following positive research notes on top customer TSMC ahead of both companies’ earnings reports. It ended 0.5% higher.

(Reporting by Shubham Batra and Shristi Achar A in Bengaluru; Editing by Mrigank Dhaniwala, Nivedita Bhattacharjee, and Richard Chang)

Euro slips, but off lows as France faces hung parliament

The euro slipped on Monday, but came off of overnight lows against the dollar after France’s election pointed to a hung parliament.

The US dollar crept up from a more than three-week low after US payrolls data on Friday boosted bets that the Federal Reserve will soon start cutting interest rates.

French President Emmanuel Macron on Monday asked his prime minister to stay in the role for now, pending what will be difficult negotiations to form a new government after a surprise left-wing surge in elections that delivered a hung parliament.

“We’re still waiting to see if the coalition can get the 240 to 250 lawmakers together to have any semblance of a, what is it, I think in France, a working government. We’re in wait-and-see mode there,” said Garth Appelt, Head of Foreign Exchange & Emerging Markets Derivatives, Mizuho Americas in New York.

Some concerns about a potential French exit from the eurozone were also eased after eurosceptic Marine Le Pen’s National Rally failed to win a majority, said Helen Given, FX trader at Monex USA in Washington DC.

“There was a small risk that France would actually start to move towards exiting the Eurozone” if the National Rally had won, Given said. “People are just happy to have it off the table.”

The euro was last down 0.11% at USD 1.0824. It briefly reached USD 1.0845, the highest since June 12, after dipping to a low of USD 1.07915 earlier in the day.

The dollar index, which measures the US currency against the euro, sterling, yen and three other major rivals, gained 0.04% to 104.99. It earlier fell to 104.80, the lowest since June 13.

The greenback fell on Friday after June’s employment report showed solid jobs gains in the month, but softer details under the hood.

Government and healthcare services hiring made up about three-quarters of the payrolls gain and the unemployment rate hit a 2-1/2-year high of 4.1%.

The economy also created 111,000 fewer jobs in April and May than previously estimated, while annual wages increased at the slowest pace in three years.

Traders will pay close attention to comments by Fed Chairman Jerome Powell when he testifies before Congress on Tuesday and Wednesday for signs that a rate cut is getting closer.

Traders see two cuts this year as likely and are pricing in a 76% likelihood of this first rate cut at the Fed’s September meeting, with a subsequent cut expected by December, according to the CME Group’s FedWatch Tool.

This week’s main US economic release will be consumer price data for June on Thursday.

The dollar gained slightly against the Japanese yen, following data earlier on Monday showing that Japanese workers saw their average base pay climb 2.5% in May, the fastest pace in 31 years.

The Bank of Japan said wage hikes were broadening across the economy due to tight labor market conditions, signaling its confidence the country was making progress toward durably achieving its 2% inflation target.

The optimistic assessment may heighten the case for the central bank to raise interest rates as soon as its next meeting on July 30 to 31.

“You’re starting to see more and more discussions about the BOJ lifting off a little bit in terms of hiking policy. They’re thinking that the BOJ is getting much closer to the hiking window, whether it be this month or the next meeting,” said Appelt.

The dollar was last up 0.02% at 160.76 yen, after last week reaching a 38-year high of 161.96.

Sterling was steady, after earlier reaching a 3-1/2 week top versus the dollar and the euro. The British currency has gained since the Labor Party’s landslide election victory last week, which ended 14 years of Conservative rule. It was last up 0.02% at USD 1.281.

The Aussie dollar fell 0.18% versus the greenback at USD 0.6737, having earlier reached USD 0.67615, the highest since Jan. 3.

In cryptocurrencies, bitcoin fell 0.08% to USD 56,312.

(Reporting By Karen Brettell; Additional reporting by Kevin Buckland and Amanda Cooper; Editing by Arun Koyyur, and Josie Kao)

Oil settles lower on worries Hurricane Beryl could hit US demand

Oil prices settled down about 1% to a one-week low on Monday as Hurricane Beryl shut US refineries and ports along the Gulf of Mexico, and on hopes a possible ceasefire deal in Gaza could reduce worries about global crude supply disruptions.

Brent futures fell 79 cents, or 0.9%, to settle at USD 85.75 a barrel, while US West Texas Intermediate (WTI) crude fell 83 cents, or 1.0%, to settle at USD 82.33.
Hurricane Beryl lashed Texas with strong winds and heavy rain as it churned inland. Oil ports closed, hundreds of flights were canceled and over 2.7 million homes and businesses lost power.

Texas produces the most oil and natural gas of any US state.

“Some de-risking flows this morning are partially responsible for the move down, as hedges placed ahead of Beryl’s landfall were unwound due to crude oil facilities sustaining relatively little damage in affected areas,” analysts at energy consulting firm Gelber and Associates said in a note.

In the Middle East, talks over a US ceasefire plan to end the nine-month-old war in Gaza are underway and being mediated by Qatar and Egypt.

“The complex is starting the week out under significant downside price pressure prompted by optimism regarding a Gaza ceasefire as ongoing negotiations appear to be seeing progress,” analysts at energy advisory firm Ritterbusch and Associates said in a note.

Elsewhere, investors were watching for how elections in the UK, France, and Iran over the past week would affect geopolitics and energy policies.

The French left said it wanted to run the government but conceded talks would be tough and take time, after Sunday’s election thwarted the far right’s quest for power and delivered a hung parliament.

In the US, President Joe Biden said he would not abandon his reelection campaign as he sought to stave off a possible revolt from fellow Democrats who worry the party could lose the White House and Congress in the Nov. 5 US election.

In Asia, imports of crude oil ticked lower in the first half of 2024 from the same period last year, due largely to lower arrivals in China, the world’s biggest oil importer.

In India, the world’s third-biggest oil consumer, fuel consumption rose by 2.6% year-on-year to 19.99 million metric tons in June from a year earlier.

In Germany, exports fell more than expected in May due to weak demand from China, the US, and European countries.

In Kazakhstan, the energy ministry said it will compensate for oil output exceeding its OPEC+ quota in the first half of this year by September 2025.

The Organization of the Petroleum Exporting Countries (OPEC) along with its allies, a group known as OPEC+, has already extended most of its oil output cuts into 2025.

Those output cuts have led analysts to forecast supply deficits in the third quarter as transportation and demand for air-conditioning during the summer eat into fuel stockpiles.

(Reporting by Scott DiSavino in New York, Arunima Kumar in Bengaluru, and Florence Tan in Singapore; Editing by Christopher Cushing, Sherry Jacob-Phillips, Arun Koyyur, and David Gregorio)

2024 Mid-Year Economic Briefing: Navigating the Easing Cycle

Investing with Love: A Mother’s Guide to Putting Money to Work

Investor Series: An Introduction to Estate Planning

Consensus Pricing – June 2025

Policy Rate Update: Dovish BSP Narrows IRD