* Consumers trimmed their borrowing in June, according to Fed data
* Post-pandemic surge in travel appears to be ending
* US not currently in recession, says JPMorgan Chase CEO Jamie Dimon
* ‘Covered call’ ETFs fail to deliver protection from volatility in sell-off
* US 10yr-2yr Treasury yield curve is flat for first time in two years:

Recent stock market volatility “has been unsettling,” but “with the benefit of some historical perspective, volatility of this magnitude is quite common,” writes LPL’s chief equity strategist. “Corrections of 10–20% are also quite common, having occurred once per year on average… Since the 1980s, the S&P 500 has experienced a maximum intra-year correction of 14%, on average, while the index has produced an average gain of 13%. Though this latest pullback happened fast and felt significant, history suggests it really was not. In fact, this widely followed large cap index is barely over halfway to the average drawdown.”