— U.S. consumer inflation fell 0.1% in June from May to 3% annualized, the lowest level in three years; however, U.S. wholesale prices rose 0.2% June (to 2.6% annualized).
— The Federal Reserve indicated it does not need to see U,S. inflation drop to 2% before starting to cut interest rates, as U.S. job market starting to show signs of cooling.
— China’s economic growth slowed to 4.7% in the 2nd quarter of 2024 (from 5.3% in 1st quarter), with consumer discretionary spending the lowest since April 2022 lockdowns.
— The UK economy grew 0.4% in May, ending a shallow recession, and the British pound hit a four-month high.
— The Biden administration awarded $1.7 billion to U.S. automakers to boost electric vehicle manufacturing and assembly in eight states.
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