Central bank independence was a key discussion point at the ECB's annual conference in Sintra, with policymakers affirming its importance. However, the US Supreme Court ruling on agency heads' removal adds complexity to the Federal Reserve's independence. While the court upheld a Fed governor's position for now, it expanded the President's power to fire other federal agency heads. The legal battle over what constitutes "cause" for removal is expected to continue as the US administration seeks to reshape the Fed. Meanwhile, the ECB is reportedly considering an increase in minimum reserve requirements for banks, not for monetary policy but to address cost concerns. This move stems from the ECB's negative net interest income due to paying more on excess reserves than it earns. The policy rate hike adds further impetus to this discussion about financial optics. Separately, US non-farm payroll growth disappointed in June, alongside weaker employment statistics, signaling a soft labor market. These US economic figures led money markets to scale back expectations for Fed rate hikes. Geopolitically, US-Iran negotiations in Qatar concluded with reported agreement, though differing interpretations of asset releases and Hormuz tolls remain.