5 things to start your day

[Bloomberg]( Inflation is still temporary, Bitcoin drops below $30,000, and a reopening slowdown. Bond market says something Yesterday’s rush into Treasuries, which saw the yield on the 10-year note [fall as low as 1.17%](, is being blamed on renewed pandemic fears and [vanishing concerns about inflation](. Investors also have the apparent worsening of relations between the [U.S. and China to contend with](, as some may start to reassess bullish global growth forecasts. President Joe Biden yesterday said that he believes that the jump in inflation is temporary while emphasizing that the [Fed is independent]( and takes whatever action it deems necessary. Bitcoin fall The largest cryptocurrency [dropped below $30,000]( for the first time in a about a month. Other virtual currencies also fell, with the Bloomberg Galaxy Crypto Index down more than 4.5%. The $30,000 level had been seen by some traders as a [support point]( for the token so further declines from here could be the start of larger moves across digital assets. Yesterday Treasury Secretary Janet Yellen pushed for top U.S. regulators to “[act quickly](” on new rules to police so-called [stablecoins]( in an official statement issued in the wake of a meeting of the President’s Working Group on Financial Markets. Sponsored Content Implications from PIMCO’s July Cyclical Outlook PIMCO’s Group CIO Dan Ivascyn discusses three main risks to inflation, expectations for rates and where we see some of the best opportunities today. [Watch now](. PIMCO Pandemic Apple Inc. is [pushing back its return to office deadline]( by at least a month to October at the earliest as it joins the increasing ranks of companies [reassessing back-to-the-office plans]( in the face of the delta variant. The reopening of the U.K. yesterday, with all legal Covid restrictions ending, was [something of a damp squib](, with the [Prime Minister isolating]( and the U.S. warning its citizens [not to travel to the country](. East Asia is still trying to [deal with the a surge in cases](, while half of Australia’s population is [now in lockdown](. Markets mixed Global equities are generally trying to make back some of the ground lost yesterday as investor attention turns to earnings. Overnight the MSCI Asia Pacific Index slipped 0.7% while Japan’s Topix index closed 1% lower. In Europe the Stoxx 600 Index had gained 0.1% by 5:50 a.m. Eastern Time, with UBS Group AG [rising on strong earnings](. S&P 500 futures pointed to a small move higher at the open, the 10-year Treasury yield was at 1.172%, oil [held below $69 a barrel]( and gold rose. Coming up... June housing starts and building permits data for the U.S. is at 8:30 a.m. Amazon's billionaire founder Jeff Bezos and three others are scheduled to briefly [fly to space]( at 9:00 a.m. U.S. Transportation Secretary Pete Buttigieg speaks at the [Economic Club of Washington](. It is another busy day for earnings with Philip Morris International Inc., Halliburton Co. and United Airlines Holdings Inc. reporting. Investors will keep a close eye on Netflix Inc.’s results as the company has [announced new products]( recently. What we've been reading Here's what caught our eye over the last 24 hours. - For bonds, who speaks at the Fed [matters more than what is said](. - Inflation is here — these 35 metrics [tell you how much to worry](. - Emerging-market investors [pile]( into bonds as delta spreads. - “A lot of very young people” are going to [buy the dip]( in stocks. - A secretive body is making [questionable covid decisions]( in India. - Boris Johnson’s [trucker troubles]( turn into a business nightmare. - What causes [gamma-ray bursts](? And finally, here’s what Ksenia’s interested in this morning With European stocks and U.S. futures paring their advance, optimism is once again evaporating from markets. Bulls and bears are fighting over who's right, and both have a strong case. On the one hand, the fast spread of the delta variant is alarming and the potential for disappointment in growth and earnings is very high. But even with equities already trading at record highs, TINA* is still the name of the game in investing as returns from cash and bonds remain bleak. JPMorgan and UBS Global Wealth Management strategists are both urging clients today to buy the dip in stocks, and especially in cyclicals. Both believe that the economic reopening momentum has further to go and focus should be on low hospitalization and death rates rather than new case numbers. *There Is No Alternative Ksenia Galouchko is EMEA equities team leader at Bloomberg. Follow her at [@ksengal]( Like Bloomberg's Five Things? [Subscribe for unlimited access]( to trusted, data-based journalism in 120 countries around the world and gain expert analysis from exclusive daily newsletters, The Bloomberg Open and The Bloomberg Close. 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