GS Morning Market Update

This morning's brief covers the US Supreme Court ruling on Fed Governor Cook, the continued surge in USD/JPY, improving US inflation forecasts for H2 2026, and the ECB's September policy outlook.

Key Takeaways

• 1.Supreme Court denied stay of injunction against Fed Governor Lisa Cook's firing, supporting Fed independence but leaving merit case for District Court.
• 2.USD/JPY breached 162, with intervention risks rising but client conviction waning compared to prior weeks.
• 3.US inflation expected to improve in 2026H2; ECB September rate hike remains the baseline despite lower energy prices.

Table of Contents

• 1) US POLITICAL ECONOMICS (PHILLIPS) – Supreme Court Ruling Supports Fed Independence but Further Challenges Likely
• 2) USDJPY Update
• 3) ADAM CROOK – Connecting You to GS: Thoughts from The Floor
• 4) EU ECON (STEHN) – ECB: Hike or Hold ?

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