• Richmond Federal Reserve President Thomas Barkin said that tariffs imposed by President Trump are “very likely” to push inflation higher in the next few months, but he does not see the impact to be anywhere close to as big as the inflation during the pandemic. He explained that businesses are counting on being able to charge customers some of those higher import costs. Despite overall economic health and strong job growth, the Fed is waiting on the sidelines due to this tariff uncertainty, maintaining its target for overnight borrowing at 4.25%-4.5%. Barkin reaffirmed that the central bank is “well positioned to respond to whatever the economy will need” once the picture becomes clearer.

• In the Middle East, Iran Supreme Leader Ayatollah Ali Khamenei claimed victory in the war against Israel and stated US intervention “achieved nothing” when presenting a contrasting view from Washington on US strikes effectiveness. Khamenei addressed the public for the first time since clashes erupted on June 13.

• Meanwhile, a severe supply constrict in the copper market is building up, with a large one-day price spread on the London Metal Exchange reaching a four-year high. The constrict is fueled by aggressively declining inventories and President Trump’s upcoming import tariff on the metal, causing traders to export record volumes to the US to pre-empt any tax.

• Finally, Nvidia reclaimed the title of the world’s most valuable company after its shares rose over 4% after CEO Jensen Huang spoke about AI and robotics as “multitrillion-dollar growth opportunities” for the firm. Nvidia’s market capitalization now stands at $3.77 trillion, relegating Microsoft and Apple to second place.