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The statement showed that the British government made its first ministerial visit to Syria in 14 years and re-established diplomatic relations with Syria.On July 5, the head of the Kyiv Military and Political Administration Bureau of Ukraine, Tekachenko, said that the large-scale air strike launched by Russia on Kyiv in the early morning of the 4th has so far caused 2 deaths and 31 injuries, and the number of casualties continues to rise.On July 5, European Central Bank board member Makhlouf said that if the euro wants to quickly replace the dollar as the pillar of the global financial system, countries still have a long way to go, because there are still many gaps in financial and economic integration among European countries. Makhlouf said that the dominance of the dollar will weaken in the long run, but Europe currently lacks a single fiscal asset that is as stable as U.S. Treasuries and can compete with it. "Frankly speaking, Europes economic system is not yet fully formed," Makhlouf said, adding that changes in currency exchange rates in recent months are more due to investors concerns about the rule of law in the United States. Makhlouf said: "It would be a bit of an exaggeration to say that this will suddenly push the euro to replace the dollar, because the euro does not currently have such capabilities."ECB board member Makhlouf: Euro is not ready to challenge dollars status as global reserve currency.Russian Embassy: The Russian trade mission to Sweden has come under attack again, with a drone dropping paint on its premises.

The IMF/World Bank Meetings to Test Risk Appetite as Fed Hawks Swoon

Skylar Shaw

Oct 11, 2022 14:48

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Last week's US economic figures exceeded forecasts. The US employment data and higher-than-expected ISM Non-Manufacturing PMI statistics allowed the Fed to raise interest rates by 75 basis points in November. The World Bank and IMF have been keeping an eye on central bank and economic activities.


Since the Jackson Hole Symposium, the Fed has maintained its stance. Fed Chair Powell issued a warning in August about the Fed's commitment to achieving the target inflation rate.


Powell also dispelled any expectations of a policy change at the time by warning the markets that inflation would need to be controlled by a protracted period of below-trend growth and a weaker labor market.


The Jackson Hole speech's response from the market was identical to that of Friday's employment data. The Powell speech resulted in a 3.94% decline in the NASDAQ 100. In reaction to an increase in hiring and a drop in the US unemployment rate to 3.5% last Friday, the NASDAQ fell by 3.80%.


The cryptocurrency market, which fell by $78 billion in reaction to Powell's speech and $11.5 billion in response to the employment data, experienced a distinct situation. Notably, the employment data offers the Fed leeway to aggressively front load rates. The crypto market was more affected by US inflation data.

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