Global financial markets are becoming “desensitized” to President Donald Trump’s tariff decisions, advised CGS International Securities Group Chief Executive Carol Fong. “Look what happened in the last two days when the tariff (deadline) lapsed, the market didn’t react badly and I think the market itself has been a bit desensitised”. In the US, shares traded up on Wednesday and the S&P 500 Index closed just below a record high that was reached earlier in the week.

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Most Fed officials anticipate rate cuts in the near future, but views are mixed about the timing and how much to cut, according to minutes for the last policy meeting. “Most participants assessed that some reduction in the target range for the federal funds rate this year would likely be appropriate,” the minutes said.

Bitcoin traded above $112,000 on Wednesday, a record high. The cryptocurrency is up roughly 20% on the year after briefly dipping below $100,000 in late June.

Will the next Fed chair have a credibility problem? “Naturally, this is an idea that leaves many investors feeling uneasy,” wrote Dario Perkins, senior European economist at TS Lombard, in a note Tuesday titled “Can We Trust the Next Fed Chair?” “Suddenly all the talk is of the Fed ‘losing independence’ and of there being a new era of ‘fiscal dominance’ – not helped by the fact that Trump is explicitly linking his demand for lower rates to reducing debt-servicing costs.”

Nvidia becomes first company to reach a $4 trillion market cap. At one point in trading yesterday, the company’s valuation reached that valuation milestone.

US 10-year Treasury yield drops after rising for five straight trading sessions:

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