A US court rules Donald Trump’s reciprocal tariffs are illegal, but they’ll keep going for now before an expected Supreme Court ruling. The Fed is still expected to cut later this month after key inflation data met expectations.
In our Deep Dive interview, ANZ’s Chief Economist for Greater China, Raymond Yeung, unpacks China’s plans for a digital renminbi.
5 things to know in 5 minutes:
A US appeals court has ruled Donald Trump’s reciprocal tariffs are illegal. The US Administration is expected to appeal the decision to the Supreme Court, so the tariffs remain in place for now, says ANZ Group Chief Economist Richard Yetsenga.
US core Personal Consumption Expenditure inflation was 2.9% in July from a year ago, up from 2.8% in June. Richard says this measure is watched closely by the Fed and remains stubbornly above its 2% target, which raises doubts about the number of rate cuts this year.
China’s Manufacturing Purchasing Manager Index results for August came in yesterday, showing an improvement from July, but were still in contractionary territory, says ANZ Senior China Strategist Zhaopeng Xing.
New Zealand consumer confidence fell again in August, reports ANZ NZ Chief Economist Sharon Zollner from the ANZ Roy Morgan survey.
Indonesia is scheduled to report inflation data for August later today. ANZ Economist Krystal Tan expects a monthly increase of 0.1%, which translates into an annual increase of 2.48%, comfortably within the central bank’s 1.5 to 3.5% target range.
Cheers,
Bernard.
PS: Catch you tomorrow with part two of our deep-dive interview with Raymond.
