Macro Briefing: 25 July 2024

* Is the potential unwinding of Biden’s economic policies an investment risk?
* China cuts interest rates for a second time this week
* John Deere says it’s laying off workers due to agriculture downturn
* New US home sales fell to 7-month low in June
* US business activity growth accelerates in July, driven by services:

The policy-sensitive US 2-year Treasury yield fell on Wednesday (Jul. 24) to 4.44%, close to the lowest level since February. The yield is widely monitored as a near-term proxy for Federal Reserve policy decisions. “We continue to view the environment as prone to more risk-off, higher volatility and lower market rates,” write ING strategists in a note to clients.