Federal Reserve Chair Jerome Powell and colleagues will meet to discuss interest rates amid political pressure, evolving trade policies, and economic cross-currents. Reports on GDP, employment, and price metrics are expected. Data may show a rebound in Q2 economic activity, moderated job growth, and slight inflation increase. Consumer spending is forecasted to be weak due to a shaky housing market. July jobs report may indicate slower employment growth. Some Fed officials are considering a rate cut, while pressure from President Trump to lower borrowing costs persists. Tariffs risk inflation re-acceleration, but price pressures have been modest so far. Personal income and spending report for June expected to show a slight acceleration in core inflation. Bank of Canada expected to hold rates steady amid trade uncertainty and sticky core inflation. Industry-based GDP data may show a contraction in Q2. Global trade agreements, including with the US, EU, South Korea, and Switzerland, are being negotiated. Central banks in Japan and Brazil likely to keep rates unchanged, cuts anticipated in South Africa, Chile, Ghana, Pakistan, and Colombia. IMF forecasts, global PMI readings, GDP, and inflation data in Europe will be monitored. Asia’s central bank highlight is the Bank of Japan expected to hold rates steady. Trump’s tariff campaign impact will be reflected in trade figures and PMI data across Asia. China to release July PMI data. Australia’s Q2 data expected to show cooled consumer inflation. Bank of England to release housing-related data. Rate decisions across Africa, with Ghana expected to lower borrowing costs, South Africa likely to extend easing cycle, and Malawi keeping key rate unchanged. Technical recession in Mozambique may lead to further easing. Eswatini likely to lower benchmark rate. In Latin America, Chile’s central bank expected to cut rates, Mexico’s data may show slight expansion, Brazil likely to keep rates steady, Colombia may cut rates, and Peru to release consumer price reports.

Read more at Yahoo Finance: Pressure Mounts on Fed Chief Powell in Tee Up to GDP, Jobs Data