UKRAINE: Trump-Russia Has Lost 20k Troops This Month

Federal Housing Finance Administration (FHFA) director Pulte has called for a congressional investigation of Fed Chair Powell, seemingly with the objective of getting Powell removed "for cause" (per the Federal Reserve Act, a member of the Fed board can only be removed "for cause", I.e. misconduct). Pulte has previously criticized Powell and called for his resignation for not cutting rates.

• Per the FHFA official statement (as quoted by HousingWire, article is here):
• "I am asking Congress to investigate Chairman Jerome Powell, his political bias, and his deceptive Senate testimony, which is enough to be removed 'for cause.' Jerome Powell's $2.5B in capitalizations of Building Renovation Scandal stinks to high heaven, and he lied when asked about the specifics before Congress. This is nothing short of malfeasance and is worthy of 'for cause.'"
• "As Senator Cynthia Lummis said, 'he [Chairman Powell] made a number of factually inaccurate statements to the Committee regarding the Fed's plush private dining room and elevator, skylights, water features, and roof terrace,' and that 'this is typical of the mismanagement and 'don't bother me' attitude that Chair Powell has always shown.'" "Chairman Powell needs to be investigated by Congress immediately."

• RES 4: 114-14   High Apr 7 and key resistance  
• RES 3: 113-07   76.4% retracement of the Apr 7 - 11 bear leg
• RES 2: 112-23   High May 1 and key resistance
• RES 1: 112-12+/15 High Jul 1 / 61.8% of the Apr 7 - 11 sell-off
• PRICE:‌‌ 111-22+ @ 16:43 BST Jul 02
• SUP 1: 111-18   Intraday low         
• SUP 2: 111-07+ 20-day EMA 
• SUP 3: 110-30   50-day EMA
• SUP 4: 110-16   Low Jun 20

A bull cycle in Treasury futures remains intact, however, price reversed hard off highs into Tuesday’s close. Attention is on the next important resistance at 112-15, the 61.8% retracement of the Apr 7 - 11 steep sell-off. Clearance of this hurdle would strengthen a bull theme and expose 112-23, the May 1 high. Note that the uptrend is overbought, a pullback would unwind this position. First key support to watch is 111.07+, the 20-day EMA.   

• Consensus for the release is skewed towards the upside - with 9 analysts looking for the -0.1% median, but 5 analysts looking for a "neutral" 0.0% print. One analyst each is looking for +0.1 and -0.2% prints.
• UBS' call is for an inline -0.1% Y/Y for headline CPI: "At the component level, we expect our definition of core inflation (headline excluding energy and food) to remain unchanged at 0.5% y/y, the lowest since April 2021. Similarly, food inflation is likely to stay unchanged at -0.3% y/y. In contrast, energy inflation is expected to rise +0.7pp to -7.6% y/y, amid the recent sharp rise in oil prices.
• "However, with the unrounded forecast at -0.05% y/y and a risk of a stronger increase in energy prices, we see upside risk."