Federal Reserve Chair Jerome Powell announced that interest rates will remain unchanged during a news conference in Washington, D.C. Major central banks worldwide are holding monetary policy meetings, with the Fed expected to begin a rate-cutting cycle. Brazil, the Bank of England, Norway’s Norges Bank, and South Africa’s Reserve Bank will also have meetings this week. John Bilton of J.P. Morgan Asset Management anticipates a cutting phase without a recession. The Fed is expected to cut rates by 25 basis points, with some suggesting a 50 basis point cut. Brazil is likely to raise rates, while the Bank of England is not expected to cut rates. South Africa is expected to cut rates, while Norway is likely to keep rates steady. The Bank of Japan will also announce its rate decision this week.
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Russia says its forces have retaken key Kursk town of Sudzha
Russian forces have retaken control of Sudzha in the Kursk region from Ukrainian forces, with fighting ongoing in the town's outskirts. The Russian offensive, supported by North Korean troops, has intensified, prompting upcoming talks between US and Russian officials to discuss a ceasefire in Ukraine, with Russia insisting on a formal settlement of its invasion. US envoy Steve Witkoff is en route to Moscow for discussions with Russian officials after Kyiv agreed to a 30-day...
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