- The People’s Bank of China (PBOC) decided to hold the one-year and five-year Loan Prime Rates (LPR) steady on Tuesday at 3.35% and 3.85%, respectively.
- China implemented further measures to boost the real estate sector. At least 10 city governments in China have relaxed or scrapped new-home price guidelines to allow market demand to play a bigger role, per Bloomberg.
- New Zealand’s Trade Balance arrived at NZD -$9.29B YoY in July versus $-9.5B prior. Exports decreased to $6.15B in July versus $6.17B in June, whereas Imports increased to $7.11B compared to $5.45B in previous readings.
- Federal Reserve (Fed) Governor Michelle Bowman said on Tuesday that she remains cautious about any shift in the policy because of what she sees as continued upside risks for inflation. She warned that overreacting to any single data point could jeopardize the progress already made, per Reuters.
- The markets are now pricing in a nearly 67.5% odds of a 25 basis points (bps) Fed rate cut in its September meeting, down from 77% on Tuesday, according to the CME FedWatch Tool
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