US producer prices were flat in June, keeping Fed rate cut hopes alive despite recent signs of tariff-driven inflation in some categories. Big banks, including Goldman Sachs (⁠GS⁠), Morgan Stanley (⁠MS⁠), and Bank of America (⁠BAC⁠), posted record trading profits, lifted by market volatility. President Trump says he has the GOP support to pass major crypto legislation as bitcoin hovers near $120,000. The consumer remains resilient, with bank CEOs noting solid spending.

Takeaways:

Producer prices unchanged in June; Fed may keep rates steady
Goldman Sachs, Morgan Stanley, BofA report record trading profits
House set to vote on crypto regulation as bitcoin stays strong

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Wholesale inflation cools, banks surge, crypto set for vote