Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:

(1) Investors are signaling the Federal Reserve will cut interest rates just twice this year, starting in September, after a fresh round of hot inflation sent Treasury yields soaring to 2024 highs.

(2) Traders pared bets on European Central Bank interest-rate cuts after US inflation topped forecasts, with markets now turning their attention to President Christine Lagarde’s remarks on Thursday.

(3) The US and its allies believe major missile or drone strikes by Iran or its proxies against military and government targets in Israel are imminent, in what would mark a significant widening of the six-month-old conflict, according to people familiar with the intelligence.

(4) A key creditor to Thames Water has warned that the UK risks deterring investment from its other infrastructure assets if it takes over the firm and imposes losses on bondholders.

(5) China’s consumer prices barely increased from a year earlier and industrial prices continued to slump, underscoring the deflationary pressures that remain a key threat to the economy’s recovery.