U.S. Treasury Secretary Janet Yellen tells CNBC that price pressures are likely to remain in the short term, sending Treasury yields lower and the S&P 500 into the red. Morgan Stanley beats Q2 earnings forecasts on strong results in its investment bank arm, capping off a good week for U.S. banks. There are more than 50 people dead and at least a thousand missing as devastating flash floods hit Germany’s North Rhine-Westphalia state and the Benelux region. This, as German Chancellor Angela Merkel meets with U.S. President Joe Biden to agree a united front against alleged Russian aggression. The pair, however, admitted to differences on the construction of the Nord Stream 2 pipeline in the Baltic Sea.

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