July Wrap Up
What’s moving the market?
- Just Keep Rising
The policy makers have raised the benchmark lending rate 75 basis points to a range of 2.25% to 2.5% and the rate is expected to keep rising. Chairman Jerome Powell said that the Fed will press on with the steepest tightening in a generation to ease the inflation fire.
- Biden’s calling
President Biden and his Chinese counterpart, President Xi, held a lengthy phone call discussing Taiwan, in the hope of stabilizing the world’s most important country-to-country relationship. The two leaders did agree to begin arrangements for a face-to-face summit for more discussion on every aspect.
- Climate Change is Real
The heatwave that scorched Britain earlier this month was made at least 10 times more likely because of climate change, scientists claimed. In May, the WWA pinned down the South Asia heatwave of March and April this year had been made 30 times more likely due to climate change, while last year’s heatwave in the Pacific Northwest would have been ‘virtually impossible’ without it.
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