• A record 93% of top-tier U.S. executives call for board member replacements, a new PwC and Conference Board survey finds, with some citing advanced age and over-boarding.

• This as a large majority of managers (32%) report directors overstepping into day-to-day operations, double the year earlier.

• In the meantime, global fiscal health is an at-the-front-of-their-minds market concern: Japanese government bond yields hit new records as concerns about demand grew, and the White House is questioned on its claims that President Trump’s “big beautiful bill” would reduce the deficit.

• US stock futures also declined in a warning that investor enthusiasm regarding eased trade tensions and inflation may prove to be ahead of itself.

• Federal Reserve Chairman Jerome Powell has consistently described the nation’s budget path as “unsustainable,” although the Fed is not involved in fiscal policy.