What you should know for today.
Geopolitical Conflict: Crude oil prices are surging due to escalating tensions between the US and Iran, specifically regarding the blockade of the Strait of Hormuz.
US Economic Data: Investors are awaiting the release of the June Consumer Price Index (CPI) data, which is expected to show a softening in annual inflation to 3.8%.
Federal Reserve Policy: Fed Chair Kevin Warsh is scheduled to testify before the US House Financial Services Committee.
Recent comments from Fed Governor Christopher Waller suggest a hawkish stance, with potential for rate hikes if core inflation remains high.
