Federal Reserve Chair Jerome Powell will speak at a regulatory conference this morning. He is expected to avoid commenting on monetary policy as the central bank is in a blackout period before next week's meeting. Treasury Secretary Scott Bessent said Monday that the Fed should conduct a review of its operations, including the costly renovation of its headquarters. The lengthy project has become a key feature in President Trump's efforts to undermine Powell. Investors also await trade updates ahead of the Aug. 1 tariff deadline. The Trump administration could send more tariff letters or reach new trade agreements before then, White House Press Secretary Karoline Leavitt said Monday.

The global economy is sailing through this year’s historic increase in tariffs, displaying an unexpected trait: resilience.

Faced with extreme uncertainty, businesses and households have surprised economists with their ability to hedge, finding a short-term path through as they await clarity on where tariffs will end up.

Global producers brought forward purchases and rerouted goods destined for the U.S. through third-party countries that are subject to lower tariffs. For the most part, households and businesses have continued to spend and invest despite the uncertainty, analysts say.

The U.S. economy is set to slow, leading economic indicators say, with the impact of tariffs becoming more pronounced in the second half of the year through higher prices.

The Leading Economic Index, or LEI, published Monday by research group The Conference Board, declined 0.3% to 98.8 in June, a stronger fall than the 0.2% expected by a consensus of economists polled by The Wall Street Journal.

Blank-check company Dynamix is merging with another entity to create a new company known as the Ether Machine. The combined company plans to manage over $1.5 billion in ether, the largest cryptocurrency behind bitcoin.

9 a.m.: Johnson Redbook Retail Sales Index
10 a.m.: Richmond Fed Business Activity Survey
10 a.m.: SEC Small Business Capital Formation Advisory Committee Meeting
1 p.m.: Money Stock Measures

7 a.m.: MBA Weekly Mortgage Applications Survey
10 a.m.: Existing Home Sales

Demand for steel in the U.S. would improve if consumers had lower interest rates to finance auto purchases, says Cleveland-Cliffs CEO Lourenco Goncalves, whose company is the largest supplier in the U.S. of automotive steel. Goncalves has been in lockstep lately with President Trump's elevated criticism of Fed Chair Jerome Powell's cautious approach to bringing down interest rates. "We need a new Fed chairman appointed as soon as possible," he says. "Once Jerome Powell is gone and as soon as interest rates come down 50 or 75 basis points, the automotive sector will take off again." — Bob Tita

Long-dated investment-grade corporate bonds could be vulnerable in the event of volatility in sovereign-bond markets that causes yields to rise, HSBC's Song Jin Lee says in a note. Rising concerns about fiscal sustainability risk pushing sovereign bond yields higher, in turn hurting longer-dated credit, Lee says. This makes short-dated credit and even potentially some riskier credit more attractive, he says. "The best strategy is not to avoid credit, but to pivot towards default and subordination risk and away from highly rated long dated corporate debt." — Miriam Mukuru

• China’s thirst for oil drove global demand for decades. Now a government campaign to curb that addiction is nearing a milestone, with national consumption expected to peak by 2027, then begin to fall.
• Chinese leader Xi Jinping isn’t quite the frequent flier he used to be. The most well-traveled leader in China’s history has reduced his international journeys in recent years. People are wondering why.
• The surprising success story of Japan's election was a political party born online during the pandemic that tapped into a wellspring of discontent over issues galvanizing voters worldwide: inflation, immigration and political class dismissed as elitist and out of touch.
• The U.K. government approved the 38 billion-pound ($51.27 billion) Sizewell C nuclear power plant in southeast England, becoming the project’s biggest shareholder.

WSJ Pro Central Banking brings you central banking news, analysis and insights from WSJ’s global team of reporters and editors. This newsletter was compiled by news associate Roshan Fernandez in New York. Send your tips, suggestions and feedback to roshan.fernandez@wsj.com.