Market news: US President Biden arrived in Lithuania to attend the NATO summit.

Fed Bostic: There is a sense that the imbalances driving high inflation, including wages and supply costs, are easing.

[EU adopts a decision requiring the United States to provide adequate protection for EU personal data] On July 10 local time, the European Commission passed a decision on the "EU-US Data Privacy Framework Agreement", requiring the United States to ensure Personal data transferred to U.S. companies provides adequate protection to a level of protection comparable to that of the European Union, so that personal data can be safely transferred from the EU to U.S. companies participating in the framework without additional data protection measures.

Fed Daly: The regulatory process for banks may be slow.

European Central Bank Governing Council Herodotou: Tightening policy is the only tool to fight inflation.

BlackRock lowered its overweight rating on short-term U.S. Treasury bonds and adjusted its underweight rating on European government bonds to neutral.

Federal Reserve Daly: An important experience is not to always think too much about the lessons learned last time, but to focus on future trends in order to be more agile and forward-looking.

Fed Daly agreed to increase the federal funds rate while reducing the asset purchase program, and emphasized how to communicate policy to the market through the normalization process.

Fed Daly: The Fed has a series of tools, and the flexibility of different tools is different. Forward guidance and the federal funds rate are relatively flexible tools, and changes in the balance sheet take time.

Federal Reserve Daly: When dealing with large-scale shocks, such as the impact of epidemics, it is difficult to accurately assess the duration of their impact. Similarly, past financial crises were large shocks, and economic models could not accurately predict the duration of their effects.

Fed Daly: The economy is showing signs of slowing, according to feedback from the Council of Economic Advisors of nine western states in the United States.

Fed Daly: One of the lessons learned from the last cycle is that the Fed can raise rates even if its balance sheet is still expanding.

Fed Daly: It is too early to declare that demand and supply are in balance.

Fed Daly: The (policy effect) lag time is longer than we thought.

Peruvian Ministry of Energy and Mines: Peruvian copper production increased by 34.7% year-on-year in May.

Fed Daly: We need to be firm and deliberate (when implementing policy).