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Bank Of England Governor Bailey: There Is Disagreement On Whether To Act Quickly Or Continue To Wait And See
The U.S. Core PCE Price Index Rose 0.1% Month-on-month In June, The Smallest Increase Since March 2025
The Number Of Continuing Claims For Unemployment Benefits In The U.S. For The Week Ended July 18 Stood At 1.782 Million, Compared With An Expectation Of 1.798 Million And A Previously Reported Figure Of 1.796 Million Revised Upward To 1.789 Million
The Four-week Moving Average Of Initial Jobless Claims In The U.S. For The Week Ended July 25 Stood At 202,750, Revised From The Previous Figure Of 207,500 To 207,750
U.S. Real Personal Consumption Expenditures Rose By 0.4% Month-over-month In June, With The Prior Reading Revised Upward From 0.30% To 0.4%
The Core PCE Price Index For June In The United States Rose By 0.1% Month-over-month, Below The Expected 0.2% And The Previous Reading Of 0.30%
U.S. Personal Spending Rose By 0.3% Month-over-month In June, Matching Expectations Of 0.3%, While The Prior Month's Figure Was Revised Upward From 0.70% To 0.9%
The U.S. June PCE Price Index Posted A Monthly Change Of -0.1%, Matching The Forecast Of -0.10%, While The Prior Reading Was Revised Upward From 0.40% To 0.5%
The Preliminary Annualized Quarterly Rate Of The U.S. PCE Price Index For Q2 Was 5.1%, Compared To 4.6% In The Previous Quarter
The Preliminary Estimate For U.S. Real Personal Consumption Expenditures (PCE) In The Second Quarter Rose At An Annualized Rate Of 3.2%, Compared With An Expectation Of 2.3% And A Previous Reading Of 0.50%
The U.S. Core PCE Price Index Year-over-year Rate For June Was 3.3%, In Line With The Expected 3.30% And Down From The Previous Reading Of 3.40%
The Preliminary Annualized Quarterly Rate Of The U.S. Core PCE Price Index For The Second Quarter Came In At 3.4%, Versus An Expectation Of 3.5% And A Previous Reading Of 4.40%
The Preliminary Annualized Quarter-over-quarter Rate Of Final Sales In The U.S. For Q2 Was 2.2%, Versus An Expectation Of 2% And A Previous Reading Of 1.9%
The Number Of Americans Filing For Unemployment Benefits For The Week Ending July 25 Was 197,000, The Lowest Since The Week Ending April 25, 2026
Bank Of England Deputy Governor Lombardelli: Economic Activity Is Slightly Stronger Than We Expected, But Still Weak
Market Pricing Has Lowered Its Bets On A Bank Of England Rate Hike; The Probability Of A September Rate Hike Is Now Less Than 40%

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MPC Rate Statement
Bank of England Governor Bailey held a press conference on monetary policy.
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BOJ Monetary Policy Statement
















































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New START's expiration leaves US and Russian nuclear arsenals unchecked, fueling arms race fears amid US focus on China.
The last remaining nuclear treaty between the United States and Russia expired on February 5, ending decades of limitations on the world's two largest nuclear arsenals and raising fears of a new global arms race.
New START, a landmark agreement signed during a period of warmer relations, concluded after President Donald Trump did not follow up on a proposal from Russian President Vladimir Putin to extend the treaty's limits for another year.

The treaty's expiration prompted immediate international concern. UN Secretary-General Antonio Guterres described the development as a "grave moment for international peace and security" and urged both Washington and Moscow to return to negotiations.
"For the first time in more than half a century, we face a world without any binding limits on the strategic nuclear arsenals of the Russian Federation and the United States of America," Guterres stated. He warned that the risk of a nuclear weapon being used is now the highest in decades, particularly after Russian suggestions of using tactical nuclear weapons in the Ukraine war.
Pope Leo XIV also weighed in, stating that both nations needed to do "everything possible" to prevent a new arms race. "I urge you not to abandon this instrument without seeking to ensure that it is followed up in a concrete and effective manner," the American-born pope said.
In response, Russia's foreign ministry declared that both countries are "no longer bound by any obligations or symmetrical declarations within the context of the treaty."
While the ministry stated that "the Russian Federation intends to act responsibly and prudently," it also issued a warning. Russia is prepared to take "decisive" countermeasures if its national security is threatened.
The Trump administration has frequently criticized international limits on the United States. The official U.S. position centers on the need to include China in any future arms control agreements.
"The president's been clear in the past that in order to have true arms control in the 21st century, it's impossible to do something that doesn't include China, because of their vast and rapidly growing stockpile," Secretary of State Marco Rubio said on Wednesday.
China’s nuclear arsenal is expanding, with an estimated 550 strategic nuclear launchers. This is still significantly below the 800-launcher cap that New START imposed on both Russia and the United States. U.S. allies France and Britain, also treaty-bound, possess another 100 launchers combined.
A Diplomatic Breakdown?
Some observers suggest the expiration of New START was less about ideology and more a result of a lack of diplomatic bandwidth within the Trump administration, where career diplomats have been sidelined.
The administration’s focus on China was a factor during Trump's first term, with a U.S. negotiator once setting up an empty seat with a Chinese flag at talks. However, when asked in October about Putin’s proposal for a one-year extension, Trump called it "a good idea," though no negotiations followed.
Daryl Kimball, executive director of the Arms Control Association, agreed that China should engage on its nuclear program but questioned the administration's approach. "Despite Trump's talk about involving China in nuclear negotiations, there is no indication that Trump or his team have taken the time to propose risk reduction or arms control talks with China since returning to office in 2025," Kimball noted. He suggested that Trump and Putin could agree to maintain current limits first and then jointly press China to join.
The New START treaty was a cornerstone of international security for over a decade. After defeating Trump in the 2020 election, Joe Biden agreed with Russia to extend the treaty for five years, but relations between the two powers later deteriorated following Moscow's invasion of Ukraine.
The original treaty was signed in 2010 in Prague by then-presidents Barack Obama and Dmitry Medvedev. It limited each country's nuclear arsenal to 1,550 deployed strategic warheads, representing a reduction of nearly 30% from the previous limit set in 2002.

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