U.S. markets close for Independence Day as Biden reaffirms his presidential bid. Fed holds rates steady amid easing inflation; Germany’s economy weakens. In global affairs, Middle East tensions rise with Hezbollah-Israel clashes, and Italy’s PM considers a diplomatic visit to China.
U.S. markets are closed today for Independence Day observance.
President Biden reaffirmed his candidacy in the presidential race, despite some internal party skepticism following a debate that questioned his readiness and capabilities.
Global Macro
Federal Reserve meeting minutes reveal signs of easing inflation, though the FOMC seeks more evidence of a consistent decline before considering rate cuts.
The FOMC has kept the key policy rate between 5.25% and 5.50%, viewing rate cuts as premature until more data confirm steady inflation reduction.
Germany faces economic challenges, with factory orders declining for the fifth straight month.
International Relations
Tensions in the Middle East are high, with an Israeli strike killing a Hezbollah commander, leading to Hezbollah launching over 200 rockets into Israel.
In Europe, Italy's Prime Minister may soon visit China, signaling a cautious diplomatic approach between the countries.
In Gaza, Hamas is encountering rising public dissatisfaction as ongoing conflicts continue to erode support among locals.
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