The International Monetary Fund is closely monitoring the energy shocks from the Middle East wars and their impact on fertilizers.

Trump&Xi - Donald Trump invited Xi Jinping to visit the U.S. on Sept. 24. - Trump said the U.S.-China relationship is “one of the most consequential in world history." - Trump said the two sides had “extremely positive and constructive discussions” during the Beijing state banquet. - Xi said he had an “in-depth exchange of views” with Trump. - Xi said China and the U.S. should “become partners, not rivals.” - Xi said mutual respect is key to stable China-U.S. ties. - Xi said the “rejuvenation of China” and “Make America Great Again” can go hand in hand. - Xi described Trump’s trip as a “historic visit.” White House - Trump and Xi discussed enhancing economic cooperation, including expanding market access for American businesses in China and increasing Chinese investment into U.S. industries. - Both sides highlighted the need to build on progress in ending the flow of fentanyl precursors into the U.S. - Trump and Xi agreed the Strait of Hormuz must remain open to support the free flow of energy. - Both sides agreed Iran can never have a nuclear weapon. - Xi reiterated China’s opposition to militarization of the Taiwan Strait and charging tolls for its use. Rubio - Marco Rubio said he hopes to receive a positive response regarding Jimmy Lai. - U.S. policy on Taiwan “has not changed.” - Trump and Xi found common ground on Iran. - “We’re not asking for China’s help” on the Strait of Hormuz. Bessent - Trump understands the sensitivity of the Taiwan issue and more comments from Trump is expected in the coming days. - U.S. and China will discuss AI guardrails, adding the U.S. would not be having “fulsome AI discussions” with China if it were not leading in AI. - Two sides discussed China buying more energy products, while soybean issues are “all taken care of.” - Expects to see large Boeing orders from China. - U.S. is trying to balance trade with China. - Two sides will discuss a Board of Investment mechanism focused on non-strategic and non-sensitive sectors where Chinese investment could be allowed, while ensuring investments do not get referred to CFIUS. - Unsure where reports of $1 trillion in Chinese investment into the U.S. originated. - Believes China will do what it can regarding the Strait of Hormuz and Iran.

BOE'S PILL: LONG RATES AREN'T QUESTIONING CREDIBILITY OF POLICY