0540 GMT - Softer U.S. labor data and better inflation prints have reduced the urgency around further Federal Reserve tightening, but they haven't settled whether growth is slowing in a manageable way or whether policy expectations have moved too far, BNY's Geoff Yu says in a note. "The global narrative is becoming less uniform," the senior EMEA macro strategist says. In the U.S., the question is whether the Fed can stay patient without seeing inflation risks reemerge, he says. In Europe, meanwhile, the debate is moving away from emergency inflation management and back toward growth, fiscal credibility and defense financing, he says. (emese.bartha@wsj.com)

(END) Dow Jones Newswires

July 06, 2026 01:40 ET (05:40 GMT)

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