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The report showcases a consumer who is holding up despite higher borrowing costs, a cooling labor market, and an uncertain economic outlook.

A September rate cut by the Federal Reserve seems all but assured.

BofA employees filed a lawsuit last week alleging that the company mismanaged its 401(k) plan by using assets forfeited by former workers for its own financial benefit.

The PPI rose 0.1% from a month earlier and 2.2% from a year ago.

According to Fed data, the net proportion of U.S. banks that tightened standards on commercial and industrial loans for midsize and large businesses fell to 7.9 percent—the lowest since 2022.

Even as relative calm has returned in recent days, the likelihood of further shakeouts in currencies and equities, and simmering economic risks, support the case for bonds.