Everything important is concentrated on tomorrow.

The focus is after the Congressional address: lawmakers’ questions + Warsh’s on-the-spot answers.
Inflation: The situation in Iran is tense again. On Sunday, only 6 ships passed through the strait. Crude oil jumped 4%. U.S. Treasuries and the dollar rose, and inflation expectations continued to feed through.
CPI: The data will likely cool off, with inflation expected. The drop in June oil prices will drag the index down. In the New York Fed’s June consumer survey, inflation expectations rose by 0.2%, and the wage index rebounded by 0.1%. We’ll see how Warsh views this split.
Oil prices: Oil prices will rise in July, but it depends on whether Warsh will classify oil prices as “short-term factors.”
This morning, South Korea triggered a trading halt; U.S. stock futures and crypto both dumped and pulled back. But the negative factors aren’t big and have already been priced in. The key is still whether Warsh will give the market any guidance on outlook.