Good morning!

There's a lot going on this week in the markets and with the economy, including a kick-start to Q2 earnings season, as well as some fresh inflation data. Here's what's happening...

• Core inflation came in cooler than expected for the fifth month in a row, rising just 0.2% in June according to this morning’s just-released CPI (Consumer Price Index) numbers. Car prices dipped and helped keep the overall number tame, but some consumer goods—especially those hit by tariffs like toys and appliances—spiked at the fastest pace in years, hinting that companies are finally passing on those added costs. President Trump didn’t miss the moment to fire off a message to the Fed on social media: “Consumer Prices LOW. Bring down the Fed Rate, NOW!!!” And the market liked what it saw. The S&P 500 briefly reached a new record, while the dollar and Treasury yields saw a slight lift. *

• Second-quarter earnings are on tap, with a week full of reports from companies in many different sectors. Big banks lead the charge this morning, with reports due from JP Morgan Chase, Wells Fargo, Blackrock, Citigroup, Bank of New York Mellon Corporation, and State Street, as well as JB Hunt Transport, and Ericsson. Wednesday numbers are due from Johnson & Johnson, Bank of America, ASML Holding, Morgan Stanley, Goldman Sachs, Progressive Corporation, PNC Financial, and Kinder Morgan, followed Thursday by TSMC (Taiwan Semiconductor), Netflix, GE Aerospace, Novartis, Abbott Laboratories, PepsiCo, and Cintas. Not to be outdone, Friday earnings include American Express, HDFC Bank, Charles Schwab, 3M, Truist Financial, Huntington Bancshares, and Regions Financial. **

• Bitcoin's value reached a record high of over $123,000 Monday, as Congress begins "Crypto Week" in Washington. The House of Representatives will consider three significant pieces of crypto-related legislation. The GENIUS Act aims to establish a federal framework for stablecoins, requiring issuers to be regulated and hold reserves. The CLARITY Act seeks to assign oversight of digital assets to either the SEC or the CFTC, depending on the asset type. Lastly, the Anti-CBDC Surveillance State Act intends to prevent the Federal Reserve from creating a central bank digital currency. These legislative efforts reflect the growing importance and need for regulation of the cryptocurrency market. ***

The financial advisors at Miramontes Capital diligently keep up with anything that can impact our clients' finances and tap into more than 175 years of combined investment experience. We do our all to keep your money protected and growing. If you think you might benefit from our financial experience and oversight, contact us today for a FREE, no-obligation consultation. Just call (800) 460-1595. Until next week...

Investment Advisory Services offered through Miramontes Capital, LLC. Securities offered through Balanced Security Planning, Inc. Member FINRA/SIPC. Miramontes Capital, LLC and Balanced Security Planning, Inc. are separate companies affiliated through common control. This newsletter is solely for informational purposes. Advisory services are only offered to clients or prospective clients where Miramontes Capital, LLC and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Miramontes Capital, LLC unless a client service agreement is in place.