The Baltic Dry Index rose 61 points (2.4%) to 2,562 on Wednesday, recovering from a two-month low hit earlier this week. The capesize index jumped 144 points (4.1%) to 3,692; capesize daily earnings increased $1,303 to $29,981. The panamax index added 23 points (1.1%) to 2,177; panamax daily earnings rose $208 to $19,591. The supramax index gained 6 points (0.4%) to 1,673.

Ed Yardeni, president and chief investment strategist at Yardeni Research, said he believes Walsh is using aggressive inflation rhetoric to lower borrowing costs by pushing down government bond yields that feed into mortgage and auto loan rates. Yardeni said he thinks the Treasury and the Fed have effectively struck a new arrangement to suppress the 10‑year Treasury yield: Bessent and Walsh are acting as a team and have persuaded Trump that the best way to lower borrowing costs is to take a hard line on inflation and, if necessary, raise rates. That, Yardeni said, should push down bond yields and stimulate the economy. He noted Bessent has recently acknowledged the bond market’s power and Trump’s acceptance; Bessent told the New York Economic Club on June 23 that more governments have been toppled by the bond market than by artillery.

Shanghai Gold Exchange Gold T+D rose 0.28% to 873.31 yuan/gram in early trade on July 1; Silver T+D rose 2.1% to 14,318.0 yuan/kg.