Federal Reserve Chair Kevin Warsh named members of five task forces that will review the central bank's communications, balance sheet, data, productivity and jobs, and inflation framework. The panels include business leaders, economists and former central bankers, including Marc Andreessen, Doug McMillon, Greg Mankiw and Mervyn King, and are expected to recommend policy and operational changes later this year.

A US Treasury auction of 30-year bonds has yielded 5.058%, the highest since 2007, as increased government borrowing drives investor demand for higher returns. Gregory Peters of PGIM Credit predicts yields could reach 5.5% within a year, driven by global borrowing and corporate funding for artificial intelligence infrastructure.

The Bureau of Economic Analysis' annual update to the personal consumption expenditures price index, due in September, could lower recent core inflation readings by 0.1 to 0.3 percentage point, economists estimate. The revisions, which reflect updated methodologies for several categories, may influence the Federal Reserve's assessment of inflation as policymakers weigh the outlook for interest rates.