REUTERS SURVEY: For the first time since 2023, more economists now expect the Federal Reserve to raise rates rather than cut them.

PBOC has authorized Standard Bank South Africa Ltd and Industrial and Commercial Bank of China Ltd as joint RMB clearing banks in Africa to facilitate China–Africa trade and investment.

Freddie Mac said the average 30-year fixed-rate mortgage rose to 6.49% from 6.47% a week earlier; it stood at 6.77% a year ago. Persistently high borrowing costs continue to weigh on the US housing market; earlier Middle East tensions pushed energy prices and inflation, contributing to higher borrowing costs. Redfin said new listings in the week to June 21 fell 1.7% from the prior week to the lowest level since February. Zillow senior economist Kara Ng said rates around 6.5% remain better than a year ago and provide some support for buyers but are insufficient to materially restore affordability. Zillow expects rates to hold at 6.4–6.5% through the summer, easing to about 6.2% by year-end.