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Asian stocks advanced as a global equity rally gained fresh vigor on strong US economic data. The dollar slipped after Federal Reserve Governor Christopher Waller said policymakers should cut interest rates this month, while Mary Daly said she still thinks it’s reasonable to plan on two interest-rate cuts this year.

The ECB can delay its final rate cut until December without investors concluding easing is over, a Bloomberg survey showed. A majority continues to expect the last quarter-point reduction will come in September after a pause next week. Still, half of respondents think the ECB can sit out three meetings before traders assume borrowing costs are at their floor.

A gauge of the dollar edged lower Friday after Federal Reserve Governor Christopher Waller said policymakers should cut interest rates this month. Earlier, economically sensitive shares outperformed after solid retail sales and a drop in jobless claims, with the S&P 500 briefly topping 6,300 and closing at a record high.

Congress delivered a watershed victory for the crypto industry Thursday, passing the first federal legislation to regulate stablecoins and clearing the way for broader use of the technology in everyday finance.

Foreign investor holdings of Treasuries climbed in May, led by a surge in Canadian purchases, indicating a resilient overseas demand for US government securities in the face of concerns over the effects of US policies.

Outside the New York Stock Exchange. Photo: Michael Nagle | Bloomberg

Banks take long view in bid to trade private credit

Wall Street’s six biggest banks reported over $20 billion in fixed-income trading revenue for a turbulent second quarter this week — but one hot segment was notably missing: private credit. Despite its growing appeal, trading in these typically illiquid assets remains a challenge for traditional lenders. Still, banks are steadily building out their private loan trading operations, betting that market volume will eventually gain traction. (Bloomberg Industries - Finance | Jul 17)

Bond yields jump as tariff-driven inflation fuels investor jitters

Yields on 30-year US Treasuries have climbed above 5% for the first time since early June, reflecting mounting investor anxiety over inflation and fiscal policy. Rising consumer prices are driving the surge, largely attributed to tariff measures introduced by the US. In response, bond traders are ramping up bearish bets, expecting yields to rise further. (Bloomberg Markets - Bonds | Jul 15)

Executive order to expand 401(k) access to private markets

A forthcoming executive order aims to make it easier for 401(k) plans to include private-market investments. The directive will instruct the Labor Department and the SEC to issue guidance for employers on incorporating private assets into retirement offerings. Firms like Apollo Global Management and Blackstone stand to gain, as the move opens the door to the $12.4 trillion in defined-contribution plans. While specifics are still under discussion and no announcement date has been set, the measure represents a major victory for asset managers who have long pushed for access to the 401(k) market. (Bloomberg Wealth + Politics | Jul 15)

Firms spark comeback in leveraged loan market with $24 billion surge

The US leveraged loan market roared back to life Monday, recording its busiest day since January. Nineteen new deals launched, totaling approximately $24 billion in borrowings. The last comparable wave of activity occurred on Jan. 21, when over 30 companies raised $48 billion. (Bloomberg Markets | Jul 14)

Trade groups press Treasury to reinstate 2019 nonbank oversight framework

The U.S. Chamber of Commerce, along with 18 other trade associations, is urging the Treasury Department to reinstate the Financial Stability Oversight Council’s (FSOC) 2019 guidance for designating nonbank financial institutions as systemically important. The groups emphasize that the 2019 framework is essential for consistent oversight and effective risk management across the financial system. (U.S. Chamber of Commerce | Jul 14)

US survey finds AI-powered cyberattacks rising

Nearly 25% of cybersecurity leaders report experiencing AI-assisted cyberattacks in the past year, highlighting AI threats as a top concern for CISOs. AI-enabled attacks are likely underreported because they can be difficult to distinguish from those carried out by humans, according to a report by Team8, a Tel Aviv-based venture fund specializing in cybersecurity, AI, data, fintech, and digital health. In a survey of approximately 110 chief information security officers, respondents expressed both concern over the malicious potential of AI and optimism regarding its ability to enhance cyber defenses.

— Bloomberg Technology | Cybersecurity

Increasing risk of undersea cable sabotage

New analysis by Recorded Future warns of growing state-backed threats — especially from Russia and China — to undersea internet cables, which carry 99% of global data. The UK is stepping in, deploying Royal Navy assets to protect these critical infrastructures. The threat of undersea cable attacks is expected to grow, following a series of recent incidents in the Baltic Sea and near Taiwan. Submarine cables have been targeted in suspected state-sponsored disruptions over the past 18 months.

— The Guardian

AI 'nudify' sites generate millions despite legal and ethical concerns

Websites and apps that use AI to create nonconsensual, explicit images — often targeting women, girls, and even minors — have proliferated online for years. Despite efforts by some lawmakers and tech firms to curb the spread of these harmful tools, they continue to attract millions of users each month. The operators behind these platforms may be profiting in the millions annually and often rely on technology provided by US companies.

— Wired

Guilt keeps many US workers from fully enjoying vacations

As the vacation season peaks, many American workers struggle to disconnect due to feelings of guilt. A recent study reveals that nearly one in five employees feels guilty about using their earned time off, often worrying about how colleagues and managers will perceive their absence. This guilt frequently results in shortened trips, canceled plans, or reluctance even to mention vacation at work.

— The Conversation

New US tax rates vary by job, location, and identity

The new tax law shifts away from the traditional focus on income level. Instead, tax rates will increasingly depend on factors such as the type of income, geographic location, and personal circumstances, marking a clear departure from conservatives’ long-held goal of a simpler tax code.

— Bloomberg Wealth

Airlines use deceptive tactics to push pricier fares

Airlines are using manipulative design strategies — often called “dark patterns” — to get passengers to spend more than the advertised base fare, according to an analysis by Andrew Smith. These tactics include fake scarcity alerts, misleading countdown timers, and aggressive upselling prompts. As a result, travelers end up paying an average of 108% more. Despite growing regulatory attention, such practices are still widespread among major carriers.

— Tenscope