China's Politburo met July 30 and urged sustained support for agriculture, consolidation of poverty-alleviation gains, and establishment of mechanisms for construction, operation and maintenance of high-standard farmland. It called for stabilizing production and prices of hogs and other agricultural and livestock products, ensuring supply and price stability for agricultural inputs, securing the autumn grain crop and a full-year harvest, and supporting stable farmer incomes.

China International Capital Co said the Fed left rates unchanged at its July meeting but internal hawks strengthened, with three voting members favoring a 25bp hike. The note highlighted a policy shift: Wosh sought to reduce direct intervention and rely more on market-driven rate increases, effectively "outsourcing" part of the tightening process to markets. With inflation still above target, CICC warned this could erode confidence in Fed credibility. After the meeting long-end U.S. Treasury yields jumped and the curve steepened, signalling investors are starting to price higher long-term inflation and policy risk. CICC said if employment or inflation data surprise to the upside, markets will likely raise odds of a September hike and may start pricing a risk that the Fed acts "too late," which would push long rates higher and increase downside pressure on risk assets.

英国央行货币政策委员会：政策立场将取决于伊朗战争的规模和冲击，以及其对经济的传导方式。