BofA now expects the Fed to raise rates three times this year, a reversal from its prior call for unchanged policy. The bank cites stronger-than-expected economic data and a hawkish shift in Fed communication, implying a more aggressive response to inf. The forecast remains a minority view: 19% of market investors now expect three hikes, up from 3% a week ago; most investors still see two hikes as the likeliest outcome.

German Defense Ministry documents show the Budget Committee must decide at its June 24 meeting whether to purchase shares in KNDS.

Japanese media reported that as the yen neared a 39-year low, Finance Minister Katayama held an emergency online meeting with US Treasury officials on the evening of the 22nd local time. Sources said she may have exchanged views with US Treasury Secretary Bessent on FX market trends and the possibility of intervention after USD/JPY plunged intraday, prompting speculation of Japanese intervention.