Market pricing implies the ECB will tighten by a further 32bps this year, up from 25bps priced in on Tuesday.

新西兰联储：尽管能源价格已下降，但冲击的影响将持续一段时间，中期通胀压力的前景仍然不确定。

Minutes of the Fed’s June 16–17 meeting show officials were sharply divided on the rate outlook. The Fed unanimously held the policy rate at 3.50%–3.75%, but some members said easing inf could create scope for cuts while others warned persistent price pressures could require further hikes. Officials disagreed on year‑end rates—some expected levels near or slightly below current, others expected rates above current. The Fed said future policy will be data‑dependent, with decisions to hinge on inf, employment and other economic data.