The question of when inflation will peak consumes financial and commodity markets, and with good reason. When pricing pressure finally ebbs, the pressure on rate hikes and the headwinds for the economy will ease, if only on the margins. But every thousand-mile journey has to start somewhere.
* Powell tells Congress Fed is “strongly committed” to fighting inflation
* Powell returns to Capitol Hill today for testimony as rates stay in focus
* European leaders set to accept Ukraine as candidate to join EU
* Eurozone growth slows to 16-month low in June as demand weakens
* Germany lifts level of alarm over Russia gas disruption
* UK growth unchanged at 15-month low in June via PMI survey data
* US 10-year Treasury yield eases to 3.16%, lowest in nearly two weeks: