Israeli Airstrikes on Houthi Rebels Add More Uncertainty to Global Situation
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German Chancellor Friedrich Merz said there is no hope for a meeting between Putin and Zelenskyy; Israel confirmed airstrikes on Houthi rebels in Yemen...
[Quick Facts]
1. German chancellor Friedrich Merz says no hope for meeting between Putin and Zelenskyy.
2. Fed governor Cook warns Trump: Firing her puts US economy at risk.
3. Israel confirms airstrikes on Houthi rebels in Yemen.
4. Iranian foreign minister: Activation of "snapback sanctions" mechanism by three European countries has no legal basis.
5. Trump considers holding national Republican convention before mid-term elections.
6. Waller: To support 25bps rate cut at Fed's September meeting, expects further cuts in next 3-6 months.
7. Tokyo's core inflation slows, unlikely to alter central bank's rate-hiking path.
8. EU proposes to remove tariffs on US goods to push US to lower auto tariffs.
[News Details]
German chancellor Friedrich Merz says no hope for meeting between Putin and Zelenskyy
German Chancellor Friedrich Merz stated that a meeting between Ukrainian President Volodymyr Zelenskyy and Russian President Vladimir Putin is unlikely to take place, despite previous claims of such a plan by Donald Trump.
Friedrich Merz told reporters near Toulon, France, on Thursday that it was obvious that a meeting between Zelenskyy and Putin would not happen, which is different from the agreement reached between President Trump and Vladimir Putin.
The White House had previously said that it believed Putin had agreed to meet with the Ukrainian president and that preparations were underway. However, the Kremlin has never confirmed this commitment, and no summit has been arranged so far.
On Monday, Trump admitted that he didn't know whether they would meet.
Fed governor Cook warns Trump: Firing her puts US economy at risk
In a lawsuit, Fed Governor Lisa Cook warned President Donald Trump that removing her from office would cause irreparable damage to the U.S. economy. In the lawsuit, Cook refuted Trump's allegation that she was involved in mortgage fraud, stating that it was merely an excuse for firing her and attempting to gain control of the Fed.
Cook hopes that a U.S. judge will issue a temporary restraining order to prevent Trump's decision to remove her from taking effect in the event of a lawsuit, thereby maintaining the status-quo of the Fed and safeguarding the interests of the U.S. public.
Israel confirms airstrikes on Houthi rebels in Yemen
The Israel Defense Forces (IDF) issued a statement on August 28, stating that the IDF launched an air strike on the military targets of the Houthi rebels in Yemen on the same day. The statement said that under the guidance and financial support of Iran, the Houthi rebels have continuously threatened the security of Israel and its allies, undermined regional stability, and disrupted international freedom of navigation.
According to a report by Israel Army Radio, Israeli security officials said that the targets of the IDF's air strikes included the locations of some senior Houthi rebel officials.
Iranian foreign minister: Activation of "snapback sanctions" mechanism by three European countries has no legal basis
On August 28 (local time), Iranian Foreign Minister Abbas Araghchi had a phone call with the foreign ministers of the U.K., France, and Germany, as well as the High Representative of the E.U. for Foreign Affairs and Security Policy. European officials informed the Iranian foreign minister that they intended to officially notify the United Nations Security Council of the process of initiating the "snapback sanctions" mechanism. Meanwhile, European officials emphasized that they were ready to find a diplomatic solution within the next 30 days to address the existing issues and prevent the Security Council from re-imposing sanctions on Iran.
Araghchi stated that the actions of the three European countries in this regard were unjust and illegal, without any legal basis. Iran was responsible and sincere in adhering to resolving the nuclear issue through diplomatic means. Iran would make an appropriate response to the illegal and unreasonable actions of the three European countries to safeguard and protect its national interests.
Araghchi emphasized that Iran would earnestly safeguard its legitimate rights and interests under international law and the Treaty on the Non-Proliferation of Nuclear Weapons. He also expressed the hope that the three European countries could take a responsible attitude, understand the existing realities, and properly correct this wrong move in the coming days.
Trump considers holding national Republican convention before mid-term elections
U.S. President Donald Trump posted that the Republican Party is doing very well. Millions of people have joined us in the pursuit of making America great again. We won every aspect of the presidential election. Based on the great success we've achieved, we will score a resounding victory in the mid-term elections. We've raised far more funds than the Democratic Party. Meanwhile, we're actively rectifying the numerous mistakes made by the Biden administration and watching America heal and prosper. The results are incredible and achieved at a record-breaking pace!! In light of this, I'm considering suggesting to the Republican Party that a national convention be held before the mid-term elections. This would be an unprecedented move.
Waller: To support 25bps rate cut at Fed's September meeting, expects further cuts in next 3-6 months
Fed's Christopher Waller stated that after excluding the temporary impact of tariffs, the underlying inflation rate is close to 2%. The policy rate is "moderately restrictive", expected to be 1.25% to 1.50% higher than the neutral rate. Unless the August employment report shows a significant economic slowdown and inflation remains well-controlled, he doesn't think a larger-scale interest rate cut is necessary in September.
The anticipation is an interest rate cut in July, and now he feels even more strongly about it. He will support a 25bps interest rate cut at the Fed's September meeting and expects further rate cuts in the next 3-6 months. Labor demand is weakening, which is not a good sign. The downside risks in the labor market are increasing. The data from the Bureau of Labor Statistics is absolutely indispensable.
Tokyo's core inflation slows, unlikely to alter central bank's rate-hiking path.
Tokyo's core CPI rose 2.5% YoY in August, the slowest pace since March, data released Friday by the Ministry of Internal Affairs and Communications showed. While one-off factors weighed on headline inflation in the capital, policymakers are unlikely to interpret the deceleration as a durable trend, leaving the Bank of Japan (BoJ) on course for further policy tightening later this year.
Over recent weeks, expectations that the BoJ will raise rates this year have firmed on the back of remarks from U.S. Treasury Secretary Scott Bessent and a string of robust indicators pointing to solid economic and price momentum in Japan. Still, economists expect the BoJ to stand pat when its two-day monetary-policy meeting wraps up on 19 September. "The report will reinforce the board's conviction that inflation is on a sustainable path toward its 2% target," said economist Taro Kimura, citing sticky food prices—particularly for rice—and steadily rising labour costs driven by sustained wage gains as key underpinnings for that view.
EU proposes to remove tariffs on US goods to push US to lower auto tariffs.
The European Commission proposed on Thursday local time to cancel import tariffs on industrial products from the U.S. as part of a trade deal with the US. This deal is expected to lead to a retroactive reduction of the tariffs the US imposes on European cars.
This proposal marks the first step in implementing the framework agreement reached on July 27 between US President Donald Trump and European Commission President Ursula von der Leyen. Under this agreement, the EU has accepted a broad-based tariff of 15% to avoid a damaging trade war. The US has agreed to reduce the tariff on cars produced in the EU from 27.5% to 15% starting from the first day of the month when the EU's legislative proposal was submitted (i.e., August 1).
[Today's Focus]
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