Political tensions surrounding the Federal Reserve are impacting markets, with two-year Treasury yields near four-month lows. The possibility of another Trump appointee replacing Lisa Cook on the board has caused yields to slide to 3.65%. Market futures show an 80% chance of a rate cut in September.

Futures indicate a 6% swing in Nvidia’s share price ahead of earnings. Wall Street stocks ended higher Tuesday amid mounting rate cut speculation. India’s rupee hit a yearly low after Trump doubled tariffs on imports. China’s industrial profits fell for the third consecutive month in July.

President Trump’s tariffs on Indian goods have escalated tensions between the two countries. Nvidia’s earnings report will focus on its business in China. Federal Reserve Governor Lisa Cook intends to file a lawsuit to prevent her removal. The increased tariffs are seen as a lose-lose situation for both countries but a win for Russia.

Read more at Yahoo Finance: US short yields slide, Nvidia in view