Despite the disturbing levels of inflation, Fed Chairman Powell defended his stance of keeping policy accommodative for the second day in a row. He told the Senate Banking Committee on Thursday: "The shock that the system has experienced is related to the economic restart and has caused the inflation rate to far exceed 2%. Of course we are disturbed." Powell called the current price increase "unique" in history. Phenomenon, and said that the Fed is closely monitoring whether its expectations of temporarily high inflation are correct and whether inflation is likely to last longer. "So we are trying to understand the basic situation and risks," he said.

St. Louis Federal Reserve Bank President James Bullard said that the Fed has achieved its goal of "substantial further progress" in inflation and employment, urging policymakers to reduce debt purchases. In an interview with Bloomberg TV’s Michael McKee on Thursday, he said: “I think the current situation can be reduced. We don’t want to disrupt the market or anything, but I think it’s time to end these emergency measures.”

The number of people applying for unemployment benefits for the first time in the United States dropped to a record low since the outbreak of the new crown last week, indicating that the number of unemployed people is declining as the business environment improves and companies’ willingness to recruit increases. Data released by the US Department of Labor on Thursday showed that the number of people applying for unemployment benefits for the first time in the week ending July 10 fell by 26,000 to 360,000. Bloomberg survey economists estimate that the median is 350,000. This data is consistent with the widespread recovery of the US economy, the recovery of enterprises to make full use of production capacity, and the surge in demand for tourism and leisure.

Against the backdrop of continued supply shortages and soaring raw material costs, the US manufacturing output unexpectedly fell in June, especially in the automotive industry. Data released by the Federal Reserve on Thursday showed that manufacturing output fell by 0.1% in June and increased by 0.9% in May. The overall industrial output value, including mining and utility output, increased by 0.4%, which was revised to a 0.7% increase in May.

In the most competitive real estate market in U.S. history, sales have begun to stagnate. Redfin Corp.'s seasonally adjusted data shows that the US real estate transaction volume in June fell by 1.2% month-on-month, the largest monthly decline since 2012 on record. Inventory reached the lowest level in history, and it was sold within 14 days of listing on average, the fastest rate ever.

The Organization of the Petroleum Exporting Countries (OPEC) predicts that the demand for crude oil from the organization will gradually rise this year and next. Demand for OPEC crude oil will continue to rise, far exceeding current production and will exceed pre-epidemic levels by the second half of 2022. But OPEC also said that demand will be relatively weak in the first quarter, which may lead to a return to oversupply in the global market.

Morgan Stanley achieved dazzling performance in the last quarter with the help of its intensive mergers and acquisitions business, and its profit hit the second highest level in history, which offset the significant decline in its trading business. According to a statement released on Thursday, the investment banking business achieved revenues of US$2.38 billion, which was significantly better than the US$2.08 billion expected by analysts.

Bitcoin accelerated its decline on Thursday and fell to $31,000 again, which strategists believe may fall below this level. The world's largest digital asset fell 4.1% to US$31,472, the lowest in about three weeks. Other cryptocurrencies also fell back - Ether fell more than 5% at one time, and Litecoin fell similarly. The Bloomberg Galaxy Cryptocurrency Index, which tracks some of the largest cryptocurrencies, fell 4.6% at one point.

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