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Fundamental researchWeekly Recap Major US data: a hawkish hold sparks a bond-market revolt The Federal Reserve maintained its policy rate at 3.50–3.75% on 29 July, but the decision unsettled markets. Three officials—Cleveland’s Beth Hammack, Minneapolis’ Neel Kashkari, and Dallas’ Lorie Logan—dissented in favor of a rate hike.
Fundamental researchUS equities & Big Tech earnings US stocks ended a volatile week and month higher, rebounding from a sharp mid-week selloff. The Fed’s decision triggered a 1,153-point drop in the Dow on Wednesday, its worst day since April 2025, but strong technology earnings fueled a recovery.
YenKey takeaways The yen posted its biggest one-day gain against the dollar since 2022 on Thursday, recovering as much as 3% from a fresh 40-year low before handing back most of that ground. Japan has not confirmed intervention.
市场调研The BoE voted to leave rates unchanged at 3.75% for a fifth consecutive meeting, in line with expectations. The vote split was 6-3, more hawkish than the 7-2 split expected, with 3 voting to hike rates by 25 bps.