CBA’s AI-Driven Layoffs Spark Union Criticism Amid Broader Tech Investment Push

Economic

Summary:

The Commonwealth Bank of Australia (CBA) is set to cut 45 jobs in a move toward greater artificial intelligence integration, drawing sharp criticism from the Finance Sector Union (FSU)...

AI Implementation Displaces Roles Despite Major Investment

CBA, Australia's largest lender, confirmed the job cuts on Tuesday as part of its A$2 billion investment in operational upgrades and digital transformation. The move reflects an increasing reliance on AI-driven systems, including a new voice bot system implemented in June to handle inbound customer enquiries. While the bank asserts that this shift is designed to modernize services and support frontline operations, it acknowledged that “some roles and work can change” as technology advances.

The Finance Sector Union has pushed back against CBA’s narrative, claiming that a total of 90 roles are being axed, with at least 45 from the bank’s direct banking division. The FSU expressed concern that automation is replacing rather than augmenting human labor, effectively excluding some employees from participating in the bank’s tech-forward future. They also criticized what they perceived as a lack of meaningful consultation and transparency.

CBA Denies Offshoring, Promotes Internal Redeployment

In response to union backlash, CBA has denied any offshoring of positions and emphasized that it is actively seeking internal redeployment options. The bank said it is consulting with affected staff and investing in reskilling programs to help transition employees into “future-fit opportunities.” It claims to be “proactively creating new roles” aligned with the evolving needs of the digital economy.

This dispute between CBA and the FSU illustrates the broader tensions within the banking sector and the economy at large as firms accelerate AI adoption. While banks frame these investments as strategic evolution, unions see a lack of protections for vulnerable workers. The effectiveness of CBA’s reskilling and internal mobility efforts will likely serve as a test case for how other major financial institutions manage similar transitions. Without a clear social contract, the move toward AI efficiency may come at the cost of workforce trust.

Source: Reuters

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IC Markets

Commodity

Cryptocurrency

Forex

DXY (U.S. Dollar Index):

Potential Direction: Bearish

Overall momentum of the chart: Bearish

The price could make a bearish reversal from the pivot and drop towards the 1st support.

Pivot: 98.68Supporting reasons: Identified as an overlap resistance that aligns with the 50% Fibonacci retracement, indicating a potential area where selling interests could pick up to resume the downtrend.

1st support: 98.12

Supporting reasons: Identified as a pullback support, indicating a potential area where the price could again stabilize.

1st resistance: 99.31Supporting reasons: Identified as a multi-swing high resistance, indicating a potential area that could halt any further upward movement.

EUR/USD:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

The price could make a bullish bounce off the pivot and rise toward the 1st resistance. Pivot: 1.1584Supporting reasons: Identified as an overlap support, indicating a potential area where buying interest could pick up.

1st support: 1.1453Supporting reasons: Identified as an overlap support, indicating a potential level where the price could stabilize once again.

1st resistance: 1.1686Supporting reasons: Identified as a pullback resistance, indicating a potential level that could cap further upward movement.

EUR/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

The price is rising toward the pivot and could make a bearish reversal off this level and drop toward the 1st support.Pivot: 172.65

Supporting reasons: Identified as a pullback resistance, indicating a potential area where selling pressures could intensify.

1st support: 170.50Supporting reasons: Identified as a pullback support that aligns clsoely with the 127.2% Fibonacco extesnion, indicating a potential area where the price could again stabilize.

1st resistance: 173.89Supporting reasons: Identified as a swing high resistance, indicating a potential level that could cap further upward movement.

EUR/GBP:

Potential Direction: BearishOverall momentum of the chart: Bullish

The price is rising toward the pivot and could make a bearish reversal off this level and drop toward the 1st support.Pivot: 0.8693

Supporting reasons: Identified as a pullback resistance, indicating a potential area where selling pressures could intensify.

1st support: 0.8633Supporting reasons: Identified as an overlap support, indicating a potential area where the price could stabilize once more.

1st resistance: 0.8751Supporting reasons: Identified as a swing high resistance, indicating a potential level that could cap further upward movement.

GBP/USD:

Potential Direction: BullishOverall momentum of the chart: Bullish

The price could make a bullish bounce off the pivot and rise toward the 1st resistance. Pivot: 1.3343Supporting reasons: Identified as an overlap support, indicating a potential area where buying interest could pick up.

1st support: 1.3250Supporting reasons: Identified as an overlap support, indicating a potential area where the price could stabilize once more.

1st resistance: 1.3429Supporting reasons: Identified as a pullback resistance, indicating a potential level that could halt further upward movement.

GBP/JPY:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

The price could make a bullish bounce off the pivot to rise toward the 1st resistance.

Pivot: 197.97Supporting reasons: Identified as an overlap support, indicating a potential area where selling interests could pick up to stage a rebound.

1st support: 196.78Supporting reasons: Identified as an overlap support, indicating a potential level where the price could stabilize once more.

1st resistance: 199.10Supporting reasons: Identified as an overlap resistance, indicating a potential level that could halt further upward movement.

USD/CHF:

Potential Direction: Bullish

Overall momentum of the chart: Bearish

The price could make a bullish bounce off the pivot to rise toward the 1st resistance. Additionally, the price is above the Ichimoku Cloud, which adds further significance to the strength of the bullish momentum.

Pivot: 0.7989Supporting reasons: Identified as a pullback support, indicating a potential area where selling interests could pick up to stage a rebound.

1st support: 0.7919Supporting reasons: Identified as a swing low support, indicating a potential level where the price could stabilize once again.

1st resistance: 0.8071Supporting reasons: Identified as an overlap resistance, indicating a potential level that could cap further upward movement.

USD/JPY:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

The price could make a bullish bounce off the pivot and rise toward the 1st resistance. Additionally, the price is above the Ichimoku Cloud, which adds further significance to the strength of the bullish momentum.

Pivot: 147.66

Supporting reasons: Identified as an overlap support, indicating a potential area where buying interests could pick up to resume the uptrend.

1st support: 146.48Supporting reasons: Identified as a pullback support, suggesting a potential area where the price could stabilize once more.

1st resistance: 149.03Supporting reasons: Identified as a swing high resistance that aligns closely with the 61.8% Fiboancco retracement, indicating a potential level that could cap further upward movement.

USD/CAD:

Potential Direction: Bullish

Overall momentum of the chart: Bearish

The price could potentially make a bullish bounce off the pivot and rise toward the 1st resistance,

Pivot: 1.3679

Supporting reasons: Identified as a pullback support, indicating a potential area where buying interests could pick up to resume the uptrend.

1st support: 1.3619

Supporting reasons: Identified as a pullback support, indicating a key level where the price could stabilize once more.

1st resistance: 1.3793

Supporting reasons: Identified as an overlap resistance, indicating a potential area that could halt any further upward movement.

AUD/USD:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

The price is rising toward the pivot and could make a bearish reversal off this level and drop toward the 1st support.Pivot: 0.6557

Supporting reasons: Identified as a pullback resistance, indicating a potential area where selling pressures could intensify.

1st support: 0.6490

Supporting reasons: Identified as a pullback support, indicating a key level where the price could stabilize once more.

1st resistance:0.6619Supporting reasons: Identified as a swing high resistance, indicating a potential area that could halt any further upward movement.

NZD/USD

Potential Direction: Bearish

Overall momentum of the chart: Bullish

The price is rising toward the pivot and could make a bearish reversal off this level and drop toward the 1st support.Pivot: 0.6000

Supporting reasons: Identified as a pullback resistance, indicating a potential area where selling pressures could intensify.

1st support: 0.5943

Supporting reasons: Identified as an overlap support, suggesting a potential area where the price could stabilize once more.

1st resistance: 0.6054

Supporting reasons: Identified as a swing high resistance, indicating a potential area that could halt any further upward movement.

US30 :

Potential Direction: Bullish

Overall momentum of the chart: Bullish

The price is falling toward the pivot and could make a bullish bounce off this level and rise toward the 1st resistance.

Pivot: 44,620.19

Supporting reasons: Identified as an overlap support, indicating a potential area where buying interests could pick up to resume the uptrend.

1st support: 44,133.02

Supporting reasons: Identified as an overlap support, suggesting a potential area where the price could stabilize once again.

1st resistance: 45,102.80

Supporting reasons: Identified as a swing high resistance t indicating a potential area that could halt any further upward movement.

DE40 :

Potential Direction: Bearish

Overall momentum of the chart: Bullish

The price is rising toward the pivot and could make a bearish reversal off this level and drop toward the 1st support.Pivot: 24,152.54

Supporting reasons: Identified as a pullback resistance, indicating a potential area where selling pressures could intensify..

1st support: 23,755.51

Supporting reasons: Identified as a support that is supported by the 127.2% Fibonacci extension, indicating a key level where the price could stabilize once more.

1st resistance: 24,299.50Supporting reasons: Identified as a pullback resistance, indicating a potential area that could halt any further upward movement.

US500 :

Potential Direction: Bullish

Overall momentum of the chart: Bullish

The price could fall toward the pivot and potentially make a bullish bounce off this level to rise toward the 1st resistance.

Pivot: 6,372.39

Supporting reasons: Identified as a pullback support that aligns with the 38.2% Fibonacco retracement, indicating a potential area where buying interests could pick up to resume the uptrend.

1st support: 6,332.06

Supporting reasons: Identified as a pullback support that aligns with the 61.8% Fibonacci retracement, indicating a potential level where the price could stabilize once again.

1st resistance: 6,424.34

Supporting reasons: Identified as a swing high resistance, indicating a potential area that could halt any further upward movement.

BTC/USD :

Potential Direction: Bullish

Overall momentum of the chart: Bullish

The price is falling toward the pivot and could make a bullish rise toward the 1st resistance.

Pivot: 116,422.27

Supporting reasons: Identified as a pullback support that aligns with the 61.8% Fibonacci retracement, indicating a potential area where buying interests could pick up to resume the uptrend.

1st support: 114,735.24

Supporting reasons: Identified as a swing low support, indicating a potential level where the price could stabilize once more.

1st resistance: 119,701.19

Supporting reasons: Identified as a swing high resistance, indicating a potential area that could halt any further upward movement.

ETH/USD:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

The price could make a bullish rise toward the 1st resistance.

Pivot: 3,827.95

Supporting reasons: Identified as a pullback resistance, indicating a potential area where selling pressures could intensify.

1st support: 3,538.78

Supporting reasons: Identified as a multi-swing low support, indicating a potential level where the price could stabilize once more.

1st resistance: 4,096.95Supporting reasons: Identified as a resistance that is supported by the 161.8% Fibonacci extension, indicating a potential area that could halt any further upward movement.

WTI/USD :

Potential Direction: Bullish

Overall momentum of the chart: Bullish

The price could make a bullish bounce off the pivot to rise toward the 1st resistance.

Pivot: 67.37Supporting reasons: Identified as a pullback support, indicating a potential area where selling interests could pick up to stage a rebound.

1st support: 65.56Supporting reasons: Identified as a multi-swing swing low support, indicating a key level where the price could stabilize once more.

1st resistance: 70.02Supporting reasons: Identified as a pullback resistance, indicating a potential area that could halt any further upward movement.

XAU/USD :

Potential Direction: Bearish

Overall momentum of the chart: Bullish

The price could make a bearish reversal off the pivot and drop toward the 1st support.Pivot: 3,333.36

Supporting reasons: Identified as a pullback resistance, indicating a potential area where selling pressures could intensify.

1st support: 3,291.19Supporting reasons: Identified as an overlap support, indicating a key level where the price could stabilize once more.

1st resistance: 3,371.98Supporting reasons: Identified as a swing high resistance, indicating a potential area that could halt any further upward movement.

Source: IC Markets

Risk Warnings and Disclaimers

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Gerik

Economic

Dollar Still Supreme, But Diversification Has Begun

Nakaso stated that despite the U.S. dollar’s entrenched role in global finance, its dominance is beginning to show “cracks,” particularly following President Trump’s protectionist trade measures. The term “Liberation Day,” used by Trump when announcing sweeping tariffs on April 2, became a symbolic trigger for investor anxiety. According to Nakaso, this resulted in substantial capital outflows from U.S. assets, prompting portfolio diversification into other currencies.

While no single currency yet rivals the dollar’s global role due to the lack of a scalable alternative and the Federal Reserve's continued role as a lender of last resort Nakaso emphasized that longer-term shifts in investor behavior are likely to continue. These shifts are rooted in eroding trust in the post-WWII multilateral economic framework, which Trump’s “America First” trade policy continues to disrupt.

Implications for Monetary Policy in Japan

Turning to domestic monetary policy, Nakaso suggested that the Bank of Japan will likely resume rate hikes, but not before assessing the full economic fallout from U.S. tariffs and the broader global slowdown. He indicated that the BOJ must navigate a delicate balance: remain cautious amid uncertainty, but stay alert to potential inflation overshoots.

Nakaso observed that inflation in Japan is increasingly visible in frequently purchased food items, despite modest headline inflation. Combined with robust wage growth and a cultural shift toward accepting price hikes, Japan risks seeing inflation expectations exceed policy targets. This presents a scenario where the BOJ, even after another rate hike, would still maintain a relatively loose monetary stance due to still-negative real interest rates.

Geopolitical Fragmentation and Policy Divergence

Nakaso painted a broader picture of global economic fragmentation, highlighting how the U.S. is redefining the international economic order by pivoting away from free trade and multilateralism. This ideological shift, coupled with growing economic nationalism, injects instability into capital flows and could gradually reduce the structural advantages enjoyed by the dollar.

Nevertheless, Nakaso reaffirmed the continued importance of institutions like the BIS and the G7 in managing global liquidity shocks, as seen in the coordinated dollar swap lines during past crises.

Nakaso’s remarks reveal a strategic inflection point for both the global currency landscape and Japan’s monetary trajectory. The U.S. dollar remains central, but its authority is no longer unchallenged. For Japan, the next interest rate hike remains on hold until tariff impacts are clearer, but rising domestic price pressures suggest normalization is inevitable. As investors cautiously shift their portfolios and central banks tread carefully, Nakaso's commentary reflects a world where financial orthodoxy is giving way to pragmatic adaptation.

Source: Reuters

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Gerik

Political

A Shift in Tone, Not in Substance

Kim Yo Jong’s latest statement represents a calibrated message to the U.S. a rhetorical olive branch coupled with non-negotiable preconditions. Notably, she acknowledged that personal ties between her brother and Trump are intact, signaling a potential diplomatic channel remains open. However, she emphasized that 2025 is a very different context from the earlier Trump-Kim summits of 2018 and 2019, which failed to yield tangible disarmament outcomes.

Rather than disarmament, North Korea now seeks strategic validation. It wants Washington to acknowledge its nuclear status a red line that directly contradicts longstanding U.S. policy centered on full denuclearization.

Strategic Timing and Geopolitical Repositioning

The statement comes amid broader geopolitical recalibrations. North Korea, once diplomatically isolated, is now strengthening ties with Russia, openly supporting President Vladimir Putin’s war efforts. This alliance shifts the strategic chessboard, positioning North Korea more firmly within an anti-Western axis and further complicating U.S. efforts to contain nuclear threats in East Asia.

At the same time, North Korea rebuffed recent diplomatic efforts by South Korea, despite Seoul offering flexibility on military exercises with the U.S. This suggests that Pyongyang is leveraging both intra-Korean and U.S. tensions to demand greater concessions upfront namely, official recognition and abandonment of the denuclearization framework.

Domestic and Regional Implications

The revival of North Korea's demand for nuclear recognition puts additional strain on the U.S.-South Korea alliance. Trump’s previous calls for Seoul to bear more financial responsibility for hosting American troops have already caused unease. Should Washington’s deterrence credibility appear weakened or its commitment to Seoul waver, domestic pressure in South Korea could grow for its own nuclear capability a deeply destabilizing shift for regional security.

Moreover, Kim Yo Jong's dual message firm on policy but open on tone reflects a new phase in North Korea’s strategic communications. By positioning itself as a confident nuclear state no longer hiding its capabilities, Pyongyang is attempting to normalize what was once covert and condemned.

While Kim Yo Jong’s remarks hint at openness, they do not signal true flexibility. Demanding nuclear recognition as a prerequisite effectively stalls any serious diplomatic re-engagement unless the U.S. alters its core strategy an unlikely scenario. Instead, North Korea is recalibrating its narrative: portraying itself as a stable, nuclear-armed state that can afford to talk but only on its terms. This approach ensures continued geopolitical leverage while maintaining internal legitimacy and strategic autonomy in the region.

Source: Bloomberg

Risk Warnings and Disclaimers

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Gerik

Economic

Changing Cultural Norms Around Price Increases

In the past, even minor price hikes in Japan were met with public apologies and social unease. A striking example was Akagi Nyugyo’s 2016 somber apology campaign for a mere 10-yen increase in its Garigari-kun popsicle. Fast-forward to 2025, the same company now uses humorous ads that lightly parody the old norm, reflecting a broader shift in public sentiment. The normalization of price increases signals a psychological break from the deflationary mindset that long dominated post-bubble Japan.

This transformation has been catalyzed by three consecutive years of strong wage growth, which has empowered companies to raise prices more confidently. According to marketing leader Hideyuki Okamoto at Akagi Nyugyo, the belief that price hikes are inherently negative is fading a sentiment echoed across Japan's corporate landscape.

Wage Growth as the Foundation for Inflation Persistence

Consumer inflation has held above 2% for three years, led by food price increases and external shocks like supply chain disruptions and the war in Ukraine. Importantly, unlike the cost-push inflation of previous decades, today’s inflation is partially demand-tolerant due to higher wages and stronger household earnings. Surveys show that Japanese consumers, once the most resistant globally to price increases, are now more aligned with international norms in their response to inflation.

However, wage-driven inflation momentum is still tenuous. Although food manufacturers like Meiji have executed multiple price hikes nine since 2022 recent moves are showing signs of diminishing returns. A 20% increase in June led to a corresponding 20% drop in sales at some retailers. This suggests price elasticity is returning, especially for non-essential or treat-like goods such as chocolate.

Constraints and Cracks in the New Inflation Era

While price hikes are more broadly accepted, real wages (adjusted for inflation) remain negative. Japan’s Engel coefficient hit 28.3% in 2024, the highest since 1981, indicating food now takes up a disproportionately large share of household budgets. This has led to behavioral changes consumers are shifting from beef to cheaper chicken and cutting back on discretionary spending.

Compounding the issue are new U.S. tariffs, which have limited Japanese exporters’ ability to pass costs on to American consumers. If profit margins remain compressed, wage hikes may be unsustainable in 2026, risking a reversion to price stagnation.

A Fragile but Pivotal Inflation Transition

Japan’s willingness to embrace inflation and let go of its deflationary legacy represents a rare economic turning point. The societal shift is enabling companies to adjust pricing strategies more freely, and the Bank of Japan is monitoring this development closely as it weighs future rate hikes. However, the durability of this transition depends critically on whether wage growth can keep pace with inflation.

As Professor Tsutomu Watanabe aptly summarized, this is a “once-in-a-lifetime” window for Japan to lock in a positive inflation cycle. Without sustained wage momentum, this newfound pricing freedom may erode, and with it, the hopes for finally breaking free from decades of deflationary inertia.

Source: Reuters

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Risk Warnings and Disclaimers

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FxPro

Forex

Economic

GBPUSD: ⬇️ Sell

– GBPUSD broke support zone

– Likely fall to support level 1.3175

GBPUSD currency pair recently broke the support zone between the support level 1.3385 (which has been reversing the price from June) and the support trendline of the daily up channel from January.The breakout of this support zone should accelerate the active intermediate impulse wave (1) from the start of July.

GBPUSD currency pair can be expected to fall to the next support level 1.3175 (former multi-month low from May, low of the earlier correction (4)).

Source: FxPro

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FastBull Featured

Daily News

[Quick Facts]

1. U.S. Treasury Department significantly raises quarterly borrowing estimate to replenish cash reserves.

2. Canadian Prime Minister says Trade Talks with U.S. are at an intense phase.

3. Iran: Europe has no authority to invoke the Snapback Sanctions Mechanism.

4. The Thailand-Cambodia Ceasefire Agreement officially takes effect.

5. Trump limits Russia-Ukraine ceasefire to 12 days.

6. Trump says to announce pharmaceutical tariffs soon.

7. Timiraos: Fed not ready to cut rates this week.

[News Details]

U.S. Treasury Department significantly raises quarterly borrowing estimate to replenish cash reserves

The U.S. Treasury Department has sharply increased its estimate for federal borrowing in the current quarter to $1 trillion, primarily due to the impact of the debt ceiling. In a statement released Monday, the Treasury said it now expects net borrowing of $1.01 trillion from July to September, up from the $554 billion projected in April. The government had to reduce bond issuance in the first half of the year to avoid breaching the debt ceiling. Since Congress raised the debt ceiling by $5 trillion earlier this month, the Treasury has accelerated bond sales to rebuild cash reserves. By convention, the Treasury's April estimate did not account for debt ceiling constraints. At the time, it assumed a cash balance of $850 billion at the end of June, but the actual balance was only $457 billion. The Treasury noted that even without factoring in lower-than-expected initial cash balances for the quarter, its current borrowing estimate is $60 billion higher than the figure announced in April.

Canadian Prime Minister says Trade Talks with U.S. are at an intense phase

Canadian Prime Minister Mark Carney stated that although U.S. President Donald Trump recently remarked that reaching an agreement with Canada was not a priority, the two governments are still engaged in in-depth trade negotiations. Regarding Trump's comments last week that the U.S. is not focused on Canada and may not reach a tariff agreement, Carney downplayed the remarks. Speaking to reporters on Monday, he said, "It's a complex negotiation," and added that publicly stated remarks should be considered in that context. He explained that talks with the U.S. are at an "intense phase" and reiterated that an agreement would only be signed if it is beneficial to Canada.

Iran: Europe has no authority to invoke the Snapback Sanctions Mechanism

On July 28, Iranian Foreign Ministry spokesperson Esmail Baghaei held a press conference on the Iranian nuclear issue and the regional situation. Baghaei emphasized that Britain, France, and Germany have no right to use the snapback sanctions mechanism to pressure Iran. In response to continued pressure from the E3 (Britain, France, and Germany) and their threats to invoke the snapback mechanism to reinstate UN sanctions on Iran, Baghaei stated that during the previous round of negotiations, the focus of talks between Iran and the three European countries was on the nuclear issue and sanctions relief. Iran has consistently emphasized that European parties have no right to invoke this mechanism. If they abuse it, it will only complicate the nuclear issue further. Iranian Foreign Ministry spokesperson Esmail Baghaei noted: "The European parties have long attempted to exploit certain provisions of UN Security Council Resolution 2231 as bargaining chips to pressure Iran. In essence, the European parties have no authority to use this tool to reimpose sanctions. We made this clear in the latest round of negotiations and prior discussions. If the three European countries misuse this issue, they will face an appropriate response from Iran."

The Thailand-Cambodia Ceasefire Agreement officially takes effect

The ceasefire agreement between Thailand and Cambodia officially came into force at 24:00 on July 28th. In the afternoon of that day, Cambodian Prime Minister Hun Manet and Thai Acting Prime Minister Phumtham led senior delegations to attend a special meeting on the Cambodia-Thailand border situation held in Putrajaya, Malaysia. The Malaysian prime minister stated that both Thailand and Cambodia had agreed to the ceasefire, which would take effect at midnight (24:00 local time on July 28th). Later the same day, both Thai and Cambodian sides confirmed that they had reached a consensus on the ceasefire and would halt hostilities starting from midnight.

Trump limits Russia-Ukraine ceasefire to 12 days

According to a report by Russia's Sputnik News Agency on July 28th, U.S. President Donald Trump said that due to a lack of progress in mediating the Russia-Ukraine conflict, he would shorten the previously set 50-day ceasefire period to 10-12 days. "I’m going to make a new deadline of about … 10 or 12 days from today," Trump told reporters during a meeting with British Prime Minister Keir Starmer. "There’s no reason in waiting… We just don’t see any progress being made." Earlier that day, Trump, who was holding talks in Scotland, said he decided to cut the original 50-day timeline due to disappointment with Russian President Vladimir Putin.

Trump says to announce pharmaceutical tariffs soon

U.S. President Donald Trump announced on Monday that he plans to soon impose drug tariffs, though he did not specify a date. Trump met with British Prime Minister Keir Starmer a day after declaring a trade deal with the European Union. Following his meeting with Starmer in Scotland, Trump told reporters that he would announce something on drugs in the near future, and he had a major plan for pharmaceuticals, aiming to bring many drugs back to the United States.

Timiraos: Fed not ready to cut rates this week

In an article, Nick Timiraos wrote that Federal Reserve officials expect they will ultimately need to continue lowering interest rates, but they are not prepared to do so by Wednesday. Disagreements among them center on what evidence they need to see first and whether waiting for clearer conditions would be a mistake. Officials are now split into three camps over resuming rate cuts. The key focus will be whether Chair Jerome Powell signals a potential September rate cut in his press conference and whether his colleagues begin laying the groundwork for a rate reduction at the next meeting in the coming days and weeks.