Fed’s Kashkari (2026 voter) said it is too early to predict the timing of the next Fed action when asked about market pricing for an October rate hike

MANDATES

• US inflation risk is currently higher than labour-market deterioration risk, though both must be monitored.

DATA

• US data since his April dissent show inflation risks rising, not falling.

BOND MARKETS

• Global inflation concerns are weighing on bond markets.

MIDDLE EAST

• Inflation shockwave from the Middle East war may continue to spread globally.