• September Rate Cut in Focus: How big? How many to follow?; Fed Members: Doves Gain on Hawks; “The Data” – CPI Cool, PPI Hot

• Fed Intrigue: Miran Nominated to Fed Board; Dark Horse Emerges to Replace Powell; Fed Officials Talking Rate Cuts Soon

• UST Bull-Steepening on Soft Jobs Data; CMBS Spreads Widen

• Japan Market on the Move: JGB Sell-Off, Political Shifts, and Trade Tailwinds, Unwind of Carry Trade?

• Fed Chair Powell Under Fire; Tariff Effects TBD; CRE Transaction Volume Picking Up

• Dateline Washington: 2025 Federal Budget Bill Signed into Law; Solid 10-Year Treasury Auction; Pressure on Powell to Lower Rates; Fed Chair in Waiting?; Tariff Scope and Expected Effects in Flux