The spread between the US 10-year Treasury yield and a ‘fair value’ estimate calculated by CapitalSpectator.com continued to narrow in July. The market rate is still well above the model’s estimate, but as explained in recent months (see the analysis from March, for instance) the premium remains on track to ease.

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* Fed official says central bank can’t risk being late with rate cuts
* Japan’s GDP rises more than expected in Q2
* China industrial growth slows to four-month low in July
* Cisco will cut 7% of its global workforce
* US headline consumer inflation dips under 3% for first time since 2021:

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