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Today we look at the market continuing its melt-up into today's FOMC meeting after yesterday's benign CPI , which most believe will bring a pause and only slightly better than 50/50 odds for a final July hike, although further out the curve, the market is moderating its bets on Fed cuts and treasury yields rose all along the curve yesterday. Will the Fed pushback or deliver on market expectations? In fixed income, we focus on the 30-year US T-bond yield and the huge rise in UK gilt yields. In commodities, copper is teasing key levels, while gold is pushing on key supports in places as risk sentiment and yields are on the rise. In equities to watch, we note AMD delivering a new chip that will go head-to-head with NVidia chips. This and more on today's pod, which features Peter Garnry on equities, Althea Spinozzi on fixed income, Ole Hansen on commodities and John J. Hardy hosting and on FX.

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