— U.S. futures markets indicate a 93% probability that the Federal Reserve will cut its key interest rate by 25 basis points in Sept., after Chair Powell said 2% inflation is not necessary for rate cuts.
— U.S. President Joe Biden announced he will not run for re-election in November and backed Vice Present Kamala Harris as Democratic nominee.
— A software update by security firm CrowdStrike to more than 8 million Microsoft devices caused global outages and delays at airlines, healthcare and essential services, some of which are ongoing.
— China cut its short-term interest rates unexpectedly to provide more stimulus to its economy, after a year of holding rates steady and amid disappointment by investors that it was not doing enough.
— The U.S. EPA announced $40 billion will go to 30 states for projects that reduce climate pollution; part of the 2022 Inflation Reduction Act.
