Finance

Federal Reserve Governor Christopher Waller indicated he would favor holding interest rates steady at the upcoming mid-September policy meeting, provided upcoming inflation data remains favorable. The comments lowered traders' expectations of an imminent rate increase and sent the 10-year Treasury yield down toward 4.76%.

Oil prices continued their upward trajectory, with West Texas Intermediate futures exceeding $91 per barrel and Brent crude climbing past $96. Renewed military conflict and U.S. airstrikes targeting Iranian interests have exacerbated concerns over shipping control in the Strait of Hormuz, threatening to intensify global inflationary pressures.

Spot gold prices surged roughly 3% to trade near $4,500 per ounce, breaking a multi-day string of losses. The commodity's recovery was fueled by a weaker U.S. dollar, softer private employment numbers from the ADP report, and scaling back of restrictive monetary policy expectations.