Depending on the slice of the Treasury market, inflation expectations are rebounding — or the outlook for economic growth is weakening. One of these implied forecasts is probably wrong, or least less useful for estimating future macro risks. Higher inflation and softer economic growth isn’t impossible (think “stagflation” in the 1970s). But it’s not yet obvious that the conditions that produced that malaise are recurring and so the odds still favor one scenario at the expense of the other.

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Biden accepts Democratic nomination, pledges to lead US out of darkness: WSJ
Allies reject US bid to reimpose sanctions on Iran: CNN
EU’s chief negotiator: Brexit deal looks unlikely for now: BBG
UK retail sales continued to grow in July, rising past pre-Covid-19 peak: Reuters
Eurozone’s economic rebound loses momentum in Aug via PMI data: IHS Markit
Japan’s steep downturn continues in Aug, according to PMI survey data: IHS Markit
Philly Fed Mfg Index: sector growth in bank’s region slows in August: Mstar
US jobless claims increased more than expected last week: CNBC