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Day one of U.S. President Donald Trump's Beijing summit with Chinese President Xi Jinping produced more than two hours of talks and a roster of top CEOs, but no concrete trade or policy announcements. Meanwhile, U.S. producer prices post their steepest monthly rise in four years, 30-year Treasury yields topped 5% for the first time since 2007. And, Kevin Warsh was confirmed as Fed chair just as markets began pricing in rate hikes.

Today’s recommended read: Fed may have to hike to defend its credibility, Mike Dolan

Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest.

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