Welcome to Markets Desk, your midday read on what's moving markets and the world behind them.
Fed Chair Kevin Warsh took his first seat before Congress today, pledging to dismantle what he called five years of entrenched inflation. June's inflation print came in softer than May's, but remains meaningfully elevated above where it stood a year ago, keeping pressure on the Fed's credibility and the rate path firmly in focus.
Turning overseas, Russia and Ukraine exchanged their heaviest strikes in months, with Moscow targeting Kyiv in a significant escalation. NATO's military chief warned that any move against the Baltic states would cost Russia dearly, but markets are watching the energy angle closely, with oil supply disruption fears creeping back into the commodity complex.
And on the commercial side of sport, FIFA is walking away from the two thousand twenty six World Cup as arguably the wealthiest governing body in football history. The organization is poised to net over nine billion dollars in revenue from what became the most lucrative single sporting event ever staged, a number that underscores just how much rights, sponsorship, and media money has flooded into the global game.
That's the tape. Markets Desk, signing off the floor.
