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What a beautiful day to experience a COFFEE NAP.
Yep, you read that right!
Scientists have proven that chugging espresso and then immediately passing out for 20 minutes makes you sharper than either alone.
Adenosine clears while caffeine kicks in.
Perfect biohack timing.
Top Overnight News
House Republicans overcame a key procedural hurdle to advance Donald Trump’s tax and spending bill. The final vote may come later in the morning in Washington, with Speaker Mike Johnson confident it’ll pass shortly. BBG
Trump posted on Truth Social calling for Fed Chair Powell to "resign immediately" and linked an article regarding calls by Fannie Mac and Freddie Mac Chairman, Bill Pulte, who called on Congress to investigate Fed Chair Powell due to his political bias and deceptive Senate testimony, which is enough to be removed "for cause".
The United States has lifted restrictions on exports to China for chip design software developers and ethane producers, a further sign of de-escalating U.S.-Sino trade tensions including concessions from Beijing over rare earths. Siemens said it restored full access for Chinese customers, while Synopsys and Cadence said they’re in the process. RTRS, BBG
A private gauge of China’s services sector activity expanded in June, but at a softer pace despite efforts by businesses to attract new customers. China’s Caixin services PMI for June came in below expectations at 50.6 (down from 51.1 in May and under the consensus estimate of 50.9). WSJ
The BOJ should be ready to resume policy tightening if U.S. trade talks progress, policy board member Hajime Takata said, confirming that the bank is still looking to raise interest rates. WSJ
Japan’s 30-year bond auction saw strong demand, with a bid-to-cover ratio of 3.58, the highest since February. BBG
June Nonfarm payrolls are expected to rise by 106k in June, down from May's 139K and below the three-month average of +135k.
U.S. and India trade negotiators were pushing on Wednesday to try to land a tariff-reducing deal ahead of President Donald Trump's July 9 negotiating deadline, but disagreements over U.S. dairy and agriculture remained unresolved, sources familiar with the talks said. BBG
The Treasury is likely to meet its increased borrowing needs w/short-term bills rather than notes or bonds in an effort to remove upward pressure on yields at the long-end of the curve. BBG
Trump said Jerome Powell should resign “immediately” after FHFA head Bill Pulte urged Congress to investigate the Fed chair, alleging his Senate testimony about the central bank’s planned renovations was “deceptive.” BBG
📣 These are the biggest events to watch this week 👇
The Fed and BoE will announce their latest policy decisions, while the ISM services PMI and Canadian employment will also be watched.
See the full Economic Calendar here 👉 https://t.co/xMs5xRv46F
#XM#EconomicCalendar
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