Traders are paring bets on near-term rate cuts, and Treasury bond yields are edging higher, amid stubborn underlying inflation pressures tied to the president’s myriad tariffs. Trump himself said through his social media account that borrowing costs should be “3 points” lower. “One Trillion Dollars a year would be saved,” he declared.

Inflation expectations among Russian households for the year ahead, an important gauge closely watched by the central bank, remained steady at 13% in July compared with June, the central bank said on Thursday.