Authorities have been alarmed over recent foreign exchange moves, after the yen fell to four-month lows against the US dollar.

"Given the receding uncertainty, by definition it can be said that the likelihood of Japan durably achieving 2 per cent inflation has heightened," Uchida told a news conference.

The RBA surprised markets by holding interest rates steady at the meeting in a rare split of six to three, saying the majority of the board wanted to wait for more information

Mr Powell’s term as Fed chair runs through May 15, 2026, and he has repeatedly said he will not leave the post early. Eight months would mean Mr Powell would remain in place until mid-March;

A majority continues to expect the last quarter-point reduction in the deposit rate, to 1.75 per cent, will come in September after a pause next week.

The last time the Fed cut rates was in December 2024, when it trimmed its policy rate by 25 basis points.

The consumer price index (CPI) was up 2.7 per cent from a year ago in June, climbing from 2.4 per cent in May as energy costs rose

US stocks fell in response, the latest market turmoil as Mr Trump’s trade moves have repeatedly whipsawed financial markets and sent policymakers scrambling to protect their economies.

The swift moves in markets imply around an 85 per cent chance the cash rate would be cut to 3.6 per cent at its Aug 12 meeting, and now favours rates bottoming at 3.1 per cent rather than 2.85 per cent.

While a few participants noted that tariffs would lead to a one-time increase in prices and would not affect longer-term inflation expectations, most participants noted the risk that tariffs could have more persistent effects on inflation,

GPIF and Norway’s US$1.9 trillion sovereign wealth fund are seen as rare examples of major investors that are continuing to support sustainability-related securities.  

“If you think about the exceptionally hot summer of 2022, food-price inflation was up between 0.4 and 0.9 percentage points” and “there was quite a measurable hit on German GDP.