Fed's Collins: Absent new tariff and oil shocks, there is reason to believe inflation will easeTrump signs executive order renaming Lake Ontario to Lake AmericaFed's Hammack: Next year inflation might ease to around 2.5% at bestU.S. Treasury sells $44 billion of 7 year note that a high yield of 4.512%Fed's Hammack: It's appropriate to put some restraint into ratesCanada Q2 current account +$8.84B vs -$2.00B expectedUS July advance trade balance -118.8B vs -100.5B expectedUS initial jobless claims 203K vs 208K estimateUS Wholesale inventories (advanced) for July 1.3% vs 0.2% estimateFed's Goolsbee: Biggest short run fear is that inflation isn't under controlMarkets:Gold up $15 to $4607US 10-year yields up 0.8 bps to 4.67%WTI crude oil up $1.68 to $83.93S&P 500 up 0.7%Nasdaq up 1.5%The first reaction isn't always the right one. Nvidia shares fell 4% after hours yesterday on earnings results but it steadily turned around, opened 6% higher and finished the day up 9.1%. It was joined by huge post-earnings gains from Salesforce up 23% and Crowdstrike up 21%. That paced gains in cybersecurity with Scotia calling it "the golden age" of cybersecurity.Notably, S&P 500 breadth was negative despite the gains with travel names near the bottom of the charts, in part due to the rise in oil prices and signs that the US will try to starve out Iran's economy.US data was mostly taken in stride as the market awaits Warsh's Friday comments in Jackson Hole. Collins sounded like she was inching towards a rate hike while Hammack and Goolsbee didn't sound ready to give up their hawkish stances. Friday will also feature benchmark revisions to jobs and Goldman Sachs thinks it could bump but the employment picture, which is hawkish at the margins.The US dollar was generally lower on the day on a positive risk backdrop with the Australian dollar as the standout performer. The moves were moderate though as we wind down the month. RIP Yayoi Kusama This article was written by Adam Button at investinglive.com.