The Senate passed Trump’s tax-and-spending plan, set to add $3.3 trillion to the debt, sending it to the House for approval.

In Japan, officials aim for a balanced US trade deal after Trump threatened 30–35% tariffs. Talks face challenges ahead of the July 9 deadline, risking a return to 24% tariffs. Japan’s 10-year yield rebounded to 1.42% after a seven-week low.

US 10-year yields held near 4.25% on dovish Fed signals and fiscal concerns. The latest ISM PMI showed stronger production but weaker jobs and new orders, with easing supply pressures.

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