A second straight soft U.S. inflation report sends the S&P 500 to a fresh record and cuts the odds of a September Fed rate hike to roughly one in three. But there's little relief at the long end of the bond market, where the Treasury sells 30-year debt at its highest yield in 25 years, reflecting persistent investor anxiety over deficits and above-target inflation. And in a Reuters exclusive, sources say the Bank of Japan is set to raise interest rates as soon as September and may accelerate its pace of tightening after that.

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Today's recommended read: Central banks spearhead renewed gold rush, Jamie McGeever

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