特朗普加强对美联储提名人的影响力。对于瑞典，我们注意到6月份的生产和消费数据，预计这些数据将有所改善。根据第二季度GDP的初步估计，6月份经济活动有所回升，今天的数据应该会证实这一点。

Trump Strengthens Influence Wth Fed Nominee.For Sweden, we note the production and consumption data for June, where the figures are expected to show improvement. According to the preliminary GDP estimate for the second quarter, activity picked up in June, which today's figures should confirm.

晨标：特朗普采取行动扩大对美联储的控制。Rae Wee展望欧洲和全球市场的未来

Morning Bid: Trump moves to extend grip on Fed.A look at the day ahead in European and global markets from Rae Wee

周五，10年期美国国债收益率徘徊在4.25%左右，接近三个月低点，因为对美联储降息的预期增强，对新关税的经济影响的担忧加剧。每周首次申请失业救济人数超过预期，加剧了人们对上周非农就业报告弱于预期后劳动力市场降温的担忧。在政治发展方面，唐纳德·特朗普总统提名经济顾问委员会主席斯蒂芬·米兰接替阿德里安娜·库格勒担任美联储理事会成员。市场还权衡了美联储理事克里斯托弗·沃勒是央行行长的主要竞争者的报道，加强了对9月降息的押注。在贸易方面，特朗普的全面报复性关税于周四午夜生效，征收10%至41%的关税，加剧了人们对其可能拖累美国经济的担忧。

The yield on the 10-year US Treasury note hovered around 4.25% on Friday, staying near three-month lows as expectations for Federal Reserve rate cuts strengthened and concerns grew over the economic impact of new tariffs. Weekly jobless claims exceeded forecasts, adding to worries about a cooling labor market following last week’s weaker-than-expected nonfarm payrolls report. In political developments, President Donald Trump nominated Stephen Miran, chair of the Council of Economic Advisors, to replace Adriana Kugler on the Federal Reserve Board of Governors. Markets also weighed reports that Fed Governor Christopher Waller is a leading contender to head the central bank, reinforcing bets on a September rate cut. On the trade front, Trump’s sweeping retaliatory tariffs took effect at midnight on Thursday, introducing levies ranging from 10% to 41% and heightening concerns over their potential drag on the US economy.

美国总统唐纳德·特朗普周四签署了一项行政命令，旨在扩大9万亿美元美国退休市场对加密货币、私募股权和房地产等替代资产的准入。该命令指示联邦监管机构重新审视和澄清现有规则，允许这些投资于专业管理的401（k）退休基金，约有9000万储户使用。特朗普还指示劳工部发布指导意见，并考虑为计划受托人提供安全港，以降低法律风险。在另一项命令中，特朗普谈到了保守派所谓的“降级”，呼吁监管机构审查银行基于政治信仰拒绝服务的说法。

U.S. President Donald Trump signed an executive order on Thursday aimed at expanding access to alternative assets—such as cryptocurrency, private equity, and real estate—in the USD 9 trillion U.S. retirement market. The order directs federal regulators to revisit and clarify existing rules to allow these investments in professionally managed 401(k) retirement funds, used by roughly 90 million savers. Trump also instructed the Department of Labor to issue guidance and consider safe harbors for plan fiduciaries to reduce legal risks. In a separate order, Trump addressed the alleged “debanking” of conservatives, calling on regulators to examine claims that banks have denied services based on political beliefs.