Core Viewpoint - Uzbekistan's government is implementing measures to ensure that annual increases in wages, pensions, and allowances exceed the inflation rate, aiming to enhance residents' real income and social security levels [1] Group 1: Economic Measures - The "Uzbekistan 2026-2028 Fiscal Strategy" outlines a series of measures to raise wages, pensions, and allowances above the inflation rate each year [1] - The Ministry of Economy and Finance plans to tighten social tax benefits to supplement the pension fund [1] Group 2: Taxation and Budget Allocations - Service industry taxpayers will continue to pay a reduced social tax rate of 1% until 2028, applicable only to salaries exceeding 3 million soums (approximately 235 USD) and for individuals under 30 years of age [1] - It is projected that the national budget will allocate over 20 trillion soums (15.8 billion USD) to the pension fund by 2025, increasing to 26 trillion soums (20.5 billion USD) by 2028 [1]

Core Insights - Brazil's National Consumer Price Index (IPCA) rose by 0.26% month-on-month in July, up from 0.24% in June, indicating a slight increase in inflation pressures [1] - The annual inflation rate for the 12 months ending in July is 5.23%, a decrease of 0.12 percentage points from the previous month's 5.35% [1] Inflation Drivers - The primary driver of inflation in July was residential electricity prices, which have been a consistent factor since May and June [1] - The red flag pricing mechanism for electricity remains in effect, with an additional charge of 4.46 Brazilian Reais for every 100 kWh consumed [1] - Residential electricity prices have increased by 10.18% in the first seven months of the year, the highest increase for this period since 2018, compared to 13.78% in the same period of that year [1] Price Movements - Food and beverage prices decreased by 0.27% in July, while clothing and communication prices fell by 0.54% and 0.09%, respectively [1] - Household food prices saw a month-on-month decline of 0.69%, with significant drops in prices for potatoes (down 20.27%), onions (down 13.26%), and rice (down 2.89%) [1] - Prices for dining out increased by 0.87% [1] Additional Consumer Price Index Data - The National Consumer Price Index (INPC) rose by 0.21% month-on-month in July, with a year-to-date increase of 3.30% and a 12-month cumulative increase of 5.13% [1]

Core Points - The European Central Bank (ECB) has decided to lower the three key interest rates in the Eurozone by 25 basis points, marking the eighth rate cut since June of the previous year [2] - Following this decision, the deposit facility rate, main refinancing rate, and marginal lending rate are now set at 2.00%, 2.15%, and 2.40% respectively [2] - The ECB forecasts that the Eurozone's overall inflation rate will be around 2.0% in 2025, 1.6% in 2026, and return to 2.0% in 2027 [2] - The projected average GDP growth rates for the Eurozone are 0.9% in 2025, 1.1% in 2026, and 1.3% in 2027 [2] - The ECB acknowledges that short-term trade policy uncertainties may continue to suppress business investment and exports, but increased real income and labor market resilience will support household spending [2] - Improved financing conditions are expected to enhance the Eurozone's ability to withstand external shocks, with government investments in defense and infrastructure anticipated to drive economic growth [2]

Core Insights - Croatia's consumer price index for July shows an inflation rate of 4.1% year-on-year, marking the third consecutive month of accelerating annual price increases [1] - Croatia's inflation rate is the highest in the Eurozone at 4.5%, compared to the Eurozone average annual inflation rate of 2% for July [1]

Core Viewpoint - Jordan's economy has shown a growth rate of 2.7% in both the last quarter of the previous year and the first quarter of this year, with expectations to maintain this growth rate throughout the year [1] Economic Performance - Inflation rate in Jordan for the first half of the year is recorded at 2% [1] - Tourism revenue has reached $3.7 billion [1] - Foreign exchange reserves stand at $22 billion, sufficient to cover 8.4 months of import needs [1] - Bank deposits in May amounted to 477 billion Jordanian Dinars [1] Economic Vision Progress - The Central Bank of Jordan has completed 90 out of 94 initiatives outlined in the 2023-2025 economic vision, with the remaining initiatives progressing smoothly [1]

Core Viewpoint - The South African Reserve Bank projects an average inflation rate of 3.3% for 2026 and 3% for 2027 [1] Summary by Category - **Inflation Forecast** - The average inflation rate is expected to be 3.3% in 2026 [1] - The average inflation rate is projected to decrease to 3% in 2027 [1]

Core Viewpoint - Germany's inflation rate decreased to 1.8% in July, slightly above expectations, indicating a cooling in price pressures [1] Economic Data - The core inflation rate, excluding volatile food and energy prices, remained unchanged at 2.7% in July [1] - Eurozone inflation data is expected to show a decrease to 1.9% in July, down from 2.0% in the previous month, according to a Reuters survey of economists [1] Central Bank Actions - The European Central Bank maintained interest rates last week and provided a moderately optimistic assessment of the Eurozone economy, raising investor concerns about further easing of monetary policy [1]

Core Viewpoint - The Polish Finance Minister predicts that the inflation rate will stabilize around 3% in the coming months [1] Group 1 - The statement indicates a positive outlook for inflation management in Poland, suggesting that economic conditions may be improving [1]

马来西亚总理：未来五年通货膨胀率将保持在每年2%-3%的稳定水平。 ...

Core Viewpoint - The Federal Reserve's FOMC has decided to maintain the federal funds rate target range at 4.25% to 4.5% to support maximum employment and a 2% inflation rate, while closely monitoring economic indicators and risks [4][6]. Group 1: Economic Conditions - Recent indicators suggest that economic activity has slowed in the first half of the year, although the unemployment rate remains low and the labor market is stable [4][6]. - Inflation is still at a relatively high level, and the uncertainty regarding the economic outlook remains elevated [4][6]. Group 2: Monetary Policy Decisions - The FOMC will continue to reduce its holdings of Treasury securities, agency debt, and agency mortgage-backed securities as part of its monetary policy strategy [4][6]. - The committee is prepared to adjust its monetary policy stance if risks emerge that could hinder the achievement of its goals [4][6]. Group 3: Committee Members - The voting members in favor of the monetary policy decision include FOMC Chair Powell, Vice Chair Williams, and several other regional Federal Reserve presidents and governors [5][7].