U.S. Energy Secretary Wright said he favors reform of the International Energy Agency on climate issues rather than a U.S. withdrawal from the IEA.

The OECD said the Bank of England can hold its policy rate at 3.75% until late 2027 and cut 25bp in Q3 next year, arguing policy is already sufficiently tight to restrain inflation. It warned the energy crisis is adding to global price pressures. The view contrasts with forecasts for the Fed, ECB and Bank of Japan to tighten further in coming months. BoE Governor BAILEY this month warned households and firms that policy may have to tighten and projected inflation above 4% next year. Markets currently price four 25bp BoE hikes by end of next year. OECD chief economist Scarpetta said the UK’s starting point differs from other countries, noting the key rate is high enough to curb inflation and that UK inflation has run below OECD forecasts this year.

US Secretary of State Rubio said in New York he met Argentine President Milei and described US-Argentina bilateral ties as solid, saying close cooperation on energy, critical minerals and agriculture strengthens hemispheric security.