Aug 14 — S&P record, BOJ hike signal, and Odessa closure

• The S&P 500 hit a fresh record on cooling inflation data, cementing rate-cut bets and risk-on positioning across US equities. • Japan's government signaled support for a BOJ rate hike in September or October — a move that would lift the yen, pressure the carry trade, and reprice global bonds. • Russia has effectively blockaded Odessa since July 22, threatening a 50% drop in Ukrainian agricultural exports and reviving global food-price inflation risk.