US Debt & Rates: The U.S. gross national debt topped $40tn for the first time as long-end Treasury yields hit multi-decade highs, then eased after the Treasury said it would at least double longer-dated bond buyback support—helping risk assets. Markets: Wall Street finished modestly higher as the healthcare sector surged on Moderna’s big Phase 3 melanoma results, while investors digested FOMC minutes showing growing concern about persistent inflation. Crypto: Bitcoin jumped sharply after the Treasury boosted long-bond buybacks, flipping prediction odds from bearish to near coin-flip. Healthcare Breakthrough: Moderna’s personalized mRNA therapy with Merck’s Keytruda delivered Phase 3 success, reigniting biotech sentiment. Commodities—Zinc & Gas: Zinc stayed near four-year highs on tight inventories and supply disruptions, while U.S. natural gas futures climbed on hotter weather expectations ahead of storage data. Agriculture: USDA pointed to a record U.S. soybean crop on higher acreage, while grain prices were mostly steady. Corporate & Retail: Target raised its sales outlook after price cuts and turnaround progress; Coty posted positive sales despite losing the Gucci Beauty license. Asia Trade & Local Markets: Japan exports hit a monthly record in July; Singapore’s retail vacancy ticked up in Orchard while its stock market slid again. Australia: The RBA signaled jobs data will matter for rate pressure, and Australia and China moved against an illegal tobacco smuggling syndicate.