Minutes of the July FOMC meeting serves as one of today's economic highlights | FXStreet

European bond moves shifted from bear steepening to bear flattening, with daily changes on Germany’s yield curve ranging from +2.4 bps on the 30-year to +5 bps on the 2-year. EU swap rates added 0.9 bps on the 30-year and -4.5 bps on the 2-year, as energy prices and geopolitical risk weighed on sentiment. The U.S./Iran standoff and higher oil pushed Brent above $91 per barrel, while the Dutch TTF gas contract reached €64/MWh for the first time since March 19. Chief economist Philip Lane, in what were described as the first public ECB comments since July 31, warned EMU inflation could stay near 3% for the rest of the year, with further upward pressure from food in 2027. For money markets, this was seen as support for a second ECB policy-rate hike this year, with the market pricing a third move by December at about 70%.