US equity futures are higher. European markets opened firmer, while Asian markets were mixed. Trump may announce a replacement for Fed Chair Powell as early as September. Trade developments remain in focus ahead of the 9-Jul deadline; the Trump administration is reportedly close to deals with Japan, South Korea, and Vietnam, though major sticking points remain, especially over auto and steel tariffs. White House tweaked controls on ethane exports to China, signaling potential easing of restrictions. Powell noted trade deals may allow future rate cuts while all forecasters see significant increase in inflation.

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