DoubleLine Portfolio Manager Eric Dhall and Analyst Mark Kimbrough survey the week ended July 18, including tech-driven new highs in equities (0:46), a bond market shaped by a steepening yield curve (2:28) and gains in the broad commodity market (4:42). The week’s macro news (6:52) was led by tame reports on the consumer and producer price front. Core CPI for June posted its fifth consecutive monthly surprise to the downside versus consensus expectations. Notwithstanding a short-lived media trial balloon from the Trump administration about firing Fed Chair Jerome Powell, the markets (16:09) are pricing in no action on the fed funds rate at the Federal Open Market Committee meeting on July 30, and only two cuts in the second half of 2025.