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Economic activity increased at a slight to moderate pace in eleven of twelve Federal Reserve Districts in late May and June, while one District reported no change. The pace of growth was quite close to that of last period, when activity expanded in ten Districts, was flat in one, and down in one. Consumer spending edged up as higher prices, particularly for fuel, dampened sales in other categories. Several Districts noted declines in spending on discretionary items or trading down to more affordable varieties. Tourism was up, with some Districts receiving a boost from World Cup visitors. Auto dealers reported little change in sales, but spending on repairs grew as consumers held onto vehicles for longer. Agricultural conditions deteriorated due to lower commodity prices, higher input costs, and tighter credit. In the energy sector, oil and gas drilling increased. Manufacturing production grew modestly to moderately in most Districts, led by stronger orders from the data center, machinery, and defense sectors. Manufacturers in several Districts said supply chain issues were more common. Construction and real estate activity increased slightly overall, with several Districts noting growth in data center building. Financial conditions were stable on net, and commercial and consumer loan volumes were both up modestly. Commercial loan quality was stable, but consumer loan quality ticked down. Transportation activity increased modestly amidst ongoing supply chain changes related to higher tariffs and the conflict in the Middle East. Overall, activity in other service industries also was up modestly, with Districts highlighting growth in health care and professional services. Social service providers were Fed Beige Book: Contacts generally expected the economy to continue to expand in the coming months, but several districts noted elevated uncertainty in the outlook for fuel costs. Beige Book: "Economic activity increased at a slight to moderate pace in eleven of twelve Federal Reserve Districts in late May and June, while one District reported no change" Fed Beige Book: Employment rose on balance, with five districts showing modest, moderate, or solid gains in employment, and with seven districts experiencing little to no change. Just in | The latest Fed Beige Book reveals moderate price increases across nine districts, robust growth in two, and slight growth in one, with overall price growth remaining steady or slowing compared to the previous reporting period.

The trading week continues to advance and, for now, the Canadian dollar has started to lose the strength it had shown in previous sessions. USD/CAD movements are barely registering a short-term variation near 0.05%, highlighting a loss of momentum. For now, the selling pressure that USD/CAD had been showing has not managed to stabilize significantly after ...

Iran Parliament Speaker Ghalibaf: Iran To Use Diplomacy Alongside Defense Stance - IRIB - Iran Must Be Ready For War To Protect Interests pic.twitter.com/sM0W4Boc9N Iran's Parliament Speaker Ghalibaf: No reason to honour MOU if it brings no benefit.

Tickmill UK has launched a new multi-asset offering that gives eligible clients access to a broader range of global markets through the trading infrastructure of Interactive Brokers. The new service allows clients to trade stocks, exchange-traded funds, options, futures, bonds and other asset classes while receiving onboarding and customer support from ...

Fed's Cook: It is prudent to wait ‘a bit more time' for inflation to slow, but she is prepared to act if it does not occur 'soon'. Fed's Cook: Since last summer there has been a notable shift in risk towards higher inflation and away from the job market, which appears stable. Economic Outlook Thank you, Paul, for that kind introduction. I am honored to speak with you and all who have joined us here today.1 Persistently elevated inflation imposes an unacceptable burden on American families, and it is the Federal Reserve's responsibility to restore price stability. As a monetary policymaker, this challenge is top of mind for me. I am watching both sides of our dual mandate—price stability and maximum employment. However, as I have stated at several points this year, the risks from high inflation concern me more at this time.2 Even though this week's consumer price index and producer price index reports were softer than expected, they still imply that the price index we target rose 3.7 percent in the 12 months through June. That is 1.7 percentage points above our 2 percent target. We have not reached our 2 percent target in more than five years. To contextualize my views on the dual mandate, I would like to give you a broader sense of my economic outlook and discuss recent developments in monetary policy.

Federal Reserve Bank of New York President John Williams said interest rates are "well positioned" even as demand driven by artificial intelligence puts upward pressure on inflation. "I am confident that these investments will support strong productivity growth in coming years. But, right now, we're in a race between available supply and surging demand," ...

Ladies and gentlemen, In just a few hours we'll know which team will face Spain in the World Cup final. After 101 of 104 matches in this XXL-World Cup It can be said that in football, the favorites usually win, but sometimes the underdogs do too – as the German team painfully learned. There are also favorites and underdogs in the foreign exchange markets. ...

The most striking statistic in OMFIF’s 2026 Global Public Investor is that not a single central bank surveyed forecast that they would be reducing foreign exchange reserves in coming years, underlining the point that central banks around the world have a preference for allowing foreign exchange reserves and gold reserves to increase. This is a reality that ...

ECB's Moulin: ECB needs to be ready for any eventuality on inflation.

Prices paid by businesses last month fell, largely because the pressures from soaring gasoline prices eased. The producer price index for total final demand declined 0.3% in June, bringing annual growth to 5.5%, the Bureau of Labor Statistics reported on Wednesday morning. That’s the first monthly decline in the index since wholesale inflation unexpectedly ...

BoC's Gov. Macklem: The Canadian dollar weakness has not been a major factor in rate decisions. BoC's Gov. Macklem: I would not want to respond to a spike in inflation caused by rising oil prices that then came down.

WARSH SAYS INTEREST RATES SHOULD BE THE MAIN FOCUS OF MONETARY POLICY. WARSH WANTS POLICY CHOICES TO INFLUENCE BALANCE SHEET MANAGEMENT. Fed's Chair Warsh: Balance sheet should be as small as possible, and can expand when there's a crisis. Fed's Chair Warsh: I would like us to have a leaner, meaner balance sheet. FED CHAIR WARSH Q&A: DON'T WANT TO SHARE COMMUNICATIONS WITH TRUMP; WILL SHARE FUTURE NOTICES OF COMMUNICATIONS WITH TRUMP PER LAW; NO TRUMP PRESSURE ON MONPOL SO FAR #Warsh #FederalReserve #economy

BoC's Gov. Macklem: Signs that the economy is expanding are clearer. BoC's Gov. Macklem: Exports adjusting to US tariffs and growing. BoC's Gov. Macklem: Q2 is looking pretty solid, will be assessing how sustainable the pickup is. BoC's Gov. Macklem: If oil prices do once again rise and feed into inflation, I expect to need consecutive rate hikes to keep inflation under control. BoC's Gov. Macklem: We're going to take our decisions one at a time.

FED CHAIR WARSH: ONE-TIME CHANGE IN PRICES ISN'T NECESSARILY INFLATIONARY WARSH: WHETHER AI IS INFLATIONARY OR NOT WILL BE UP TO FED Fed's Chair Warsh: Business capital investment is contributing massively to GDP, and I would guess that trend continues. WARSH SUGGESTS ALL RESERVE BANKS SHOULD BUILD SPECIFIC AREAS OF EXPERTISE.

On July 15, 2026, Governor Tiff Macklem and Senior Deputy Governor Carolyn Rogers answer questions from reporters following the policy rate decision and the release of the Monetary Policy Report.

U.S. crude oil refinery inputs averaged 17.1 million barrels per day during the week ending July 10, 2026, which was 99 thousand barrels per day more than the previous week’s average. Refineries operated at 96.2% of their operable capacity last week. Gasoline production decreased last week, averaging 9.6 million barrels per day. Distillate fuel production ...

Senior American official: The talks between the US, Israel, and Lebanon have concluded after two days of fruitful and positive discussions in Rome. We have agreed on the structure and guidelines for the regional pilot process, which will be finalized and implemented in the coming…

Fed Chair Kevin Warsh testifies before the Senate Banking Committee.

Good morning. I’m pleased to be here with Senior Deputy Governor Carolyn Rogers to discuss our quarterly Monetary Policy Report and today’s decision. Governing Council maintained the policy interest rate at 2.25%. We have three key messages. First, after stalling over the past year, economic growth looks to have resumed in Canada. While US trade policy continues to be a headwind, consumers have been resilient and businesses are adapting. Second, inflation in Canada is poised to ease gradually provided global oil prices decline from elevated levels. Third, uncertainty remains elevated. The conflict in the Middle East has re-escalated in recent days and trade discussions with the United States are ongoing. Let me expand on the outlook, the risks and the implications for monetary policy. Global growth has been dented by the conflict in the Middle East, but with oil prices coming part way back down, growth is expected to recover. Equity markets have been buoyant, and credit spreads remain compressed. Canada’s GDP growth was flat over the past year as the economy adjusted to new tariffs, elevated uncertainty and slower population growth. The economy remains in excess supply. The labour market has been soft, with the unemployment rate hovering in a range of 6½% to 7%. GDP growth in the second quarter is estimated to have picked up to 2½%. While this rebound from the first quarter largely reflects the unwinding of temporary factors, sources of economic growth appear to be broadening. Recent indicators point to continue BoC: Uncertainty is still high. MACKLEM: DATA WE HAVE RECEIVED SINCE APRIL HAVE INCREASED OUR CONFIDENCE THAT THE ECONOMY IS WORKING ITS WAY THROUGH PERIOD OF GLOBAL UPHEAVAL MACKLEM: WE WILL NOT LET HIGHER OIL PRICES BECOME PERSISTENT INFLATION #OOTT

The Canadian economy has been adjusting to US tariffs and continued uncertainty about the review of the Canada‑United States‑Mexico Agreement, as well as slower population growth. Business investment has been roughly flat, exports and housing activity have declined and economic growth has been uneven. As a result, the level of gross domestic product was roughly unchanged from the first quarter of 2025 to the first quarter of 2026. The unemployment rate has generally fluctuated between 6½% and 7%, pointing to excess supply in the economy. Consumer price index inflation in Canada was close to the 2% target for more than a year and a half until the war in the Middle East began. The hostilities caused global oil prices to spike, pushing up gasoline prices. Inflation rose to 3.2% in May. However, inflation excluding gasoline, as well as measures of core inflation, stayed close to 2%. This suggests that, so far, spillovers to the prices of other goods and services remain contained. Canadian businesses are adapting to elevated geopolitical uncertainty stemming from US trade policy and developments in the Middle East. Despite some volatility, recent data suggest that the economy is evolving broadly in line with the outlook in the April Rep Bank of Canada sees 2026 growth at 0.7% (vs 1.2% in April MPR), sees 1.8% growth in 2027 (vs 1.6%), 1.8% in 2028 (vs 1.7%). BoC: Inflation to average 2.5% in 2026 (vs 2.3% in April), 2.0% in 2027 (vs 2.1%), 2.1% in 2028 (vs 2.0%). Just in | The Bank of Canada maintains its nominal neutral interest rate estimate at the midpoint of 2.25% to 3.25%, consistent with April's assessment.

The Bank of Canada today held its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%. Canada’s economy is showing signs of improvement. Growth is picking up and inflation is projected to ease gradually from its recent spike. There are still important risks and uncertainties related to the war in the Middle East and US trade policy. Since the April Monetary Policy Report (MPR), global economic prospects have been dented by higher oil prices stemming from the Middle East conflict. At the same time, the build-out of artificial intelligence (AI) is supporting economic activity in a growing number of countries. Oil prices are still lower than their peak in April but the situation in the Middle East remains volatile. The path for global inflation is highly dependent on how the conflict unfolds. The US economy is growing at about 2½%, mostly because of strong consumption and booming AI investment. China’s economy is expanding solidly thanks to robust exports. Economic activity in the euro area has been weighed down by high energy prices, but is expected to strengthen in the second half of the year if energy prices come down as anticipated. The Bank projects global GDP growth will slow to 2¾% in 2026, mostly because of the effects of the Middle East conflict, and recover to around 3¼% in 2027 and 2028. Bank of Canada Governor Macklem: Inflation is poised to ease gradually, provided global oil prices decline, prepared remarks show. BoC: Near-term inflation expectations are sensitive to changes in gasoline prices, but longer-term inflation expectations remain well anchored. Bank Of Canada drops reference to consecutive hikes. BOC ALSO DROPS REFERENCE TO CUT

US PPI came in at -0.3% m/m (5.5% y/y), confirming declining inflation in June, but traders may want to be skeptical that it will continue through the summer. Meanwhile, USD/CAD has broken down below support with the BOC as a major catalyst. FOREX.com's Global Head of Research Matt Weller breaks down the key news you need to know ahead of the US Open, as ...

By this time next week, barring the unexpected, Andy Burnham will have become the U.K.’s seventh prime minister in just over a decade. Burnham, who did not even stand for parliament at the last general election, has revealed little so far of his policy aims. But one early decision, being watched more than any other, will indicate how he intends to govern: ...

Fed's Williams: Growth in the economy is solid and on trend, and the labor market is likewise solid and stable. FED'S WILLIAMS: EXPECT OVERALL INFLATION TO DECLINE TO AROUND 3.25% BY YEAR-END, CONTINUE TOWARD OUR 2% GOAL IN 2027 AND LAND ON TARGET IN 2028 || MEDIUM- AND LONGER-TERM INFLATION EXPECTATIONS REMAIN WELL ANCHORED FED'S WILLIAMS: INFLATION IS UNQUESTIONABLY TOO HIGH AT ABOUT 4% || ENCOURAGING REASONS TO EXPECT THAT INFLATION HAS PEAKED AND SHOULD EDGE DOWN IN COMING QUARTERS Stability of Thy Times Thank you, Steve, for that introduction. And thank you, Rob, for what will surely be a fantastic discussion. Today’s event is an example of a great partnership in action. The New York Fed and the Partnership for New York City both have missions that are focused on promoting economic prosperity and stability. We’ve enjoyed a strong and fruitful relationship over the years, sharing ideas, data, and resources with each other in an effort to better understand how New York City can be best positioned for long-lasting economic success. This has been especially true during times of disruption and uncertainty. That’s why this is such a fitting place for this discussion. When Rockefeller Center was built during the Great Depression, these words were chosen to be inscribed in stone: “Wisdom and knowledge shall be the stability of thy times.” If you didn’t see it on your way in, make sure to take a look on your way out. Or just rewatch the opening credits of 30 Rock.

Business activity picked up considerably in New York State in July, according to firms responding to the Empire State Manufacturing Survey. The headline general business conditions index rose ten points to 15.6. New orders and shipments increased strongly. Unfilled orders increased, delivery times continued to lengthen, and supply availability continued to ...

Wholesale sales (excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain) were essentially unchanged (-0.0%), with sales sitting at $90.0 billion in May, after rising 1.4% in April. In May, sales decreased in four of the seven subsectors, representing 68.0% of total wholesale sales. The largest decreases came from the ...

Total manufacturing sales reached a record high, rising 1.3% to $78.1 billion in May. This was the fourth consecutive monthly increase. In May, sales rose in 14 of the 21 subsectors, led by the transportation equipment (+4.1%) and chemical (+4.6%) subsectors. Meanwhile, the electrical equipment, appliance and component subsector posted the largest decline ...

The Producer Price Index for final demand fell 0.3 percent in June, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. Final demand prices advanced 0.6 percent in May and 1.1 percent in April. (See table A.) On an unadjusted basis, the index for final demand increased 5.5 percent for the 12 months ended in June. The June decline in the ...

The Bank of Canada is set to deliver its fifth interest rate decision of the year this morning. Economists widely expect the central bank will remain on hold, keeping its policy rate at 2.25 per cent. Inflation has jumped above three per cent in recent months as higher oil prices from the Iran war sent gasoline costs skyrocketing over the spring. Officials ...

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