Fed official Hammack said the neutral interest rate may be higher but is difficult to determine.

Italian Prime Minister Meloni said Italy will introduce tax-relief measures in the 2027 budget aimed at boosting investment in the software industry.

Kazakhstan’s central bank is shifting from one of the world’s largest gold buyers to a seller as the finance ministry pushes a reserve-asset rebalance. Deputy Governor Aliya Moldabekova said the recent rise in US 10-year yields — which hit a 24-year high last week — has made the dollar more attractive and reduced gold’s appeal. The bank intends to lower gold’s share of foreign-exchange reserves by roughly 3 percentage points. The move comes after gold retreated from record highs and follows broader signs of reduced central-bank gold demand this year; the World Gold Council says Turkey and Russia trimmed holdings earlier, and reporting notes the Iran war has driven stronger dollar demand to pay higher-cost energy imports.