Headlines discussed at LNWM’s Monday morning briefing:
— US and China imposed dueling tariffs on $34 billion in goods, with further escalation possible.
— Strong US job growth (218,000 in June) is attracting discouraged job seekers back into workforce.
— The Federal Reserve is concerned about a trade war instigated by the US, per meeting minutes.
— A key gauge of US manufacturing activity jumped in June, as industries reacted to potential tariffs.
— US oil production is at a record — 10.9 million barrels a day — as oil prices reach $75/barrel.
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