Stocks, bond futures, and precious metals rallied on Wednesday as German industrial production data missed expectations and Fed Governor Michelle Bowman suggested that further interest rate cuts were needed to address labor market risks. A five-year note auction was labeled mediocre, while gold futures reached a new all-time high and silver futures approached its all-time high set in 2011. Markets focused on the day's FOMC minutes, looking for insight into members' views on a potential September rate cut. Markets will also look ahead to future speeches from Fed Chair Jay Powell and other central bank members from the Bank of England and European Central Bank, as well as a US 10-year note auction, and earnings from PepsiCo and Delta Airlines.