It is a relatively quiet week for top-tier G7 economic data, although markets will still have plenty to digest from central bank communications, policy minutes and financial stability updates.

On Wednesday, the minutes from the Federal Reserve's June policy meeting will be released. Barclays expects the account to show unanimous support for leaving interest rates unchanged, while revealing a broader discussion around changes to the accompanying statement. The bank also expects the minutes to reference the five policy task forces announced by Chair Kevin Warsh, with participants generally supportive of the initiative.

On Thursday, the ECB will publish the account of its June Governing Council meeting. Daiwa Europe noted that, at that meeting, policymakers delivered their first rate increase since 2023, with updated forecasts suggesting further tightening could be warranted. However, the subsequent fall in energy prices has reduced the relevance of that discussion. Recent comments from policymakers at the Sintra conference have also suggested there is little urgency to raise rates again as soon as this month. (LS – Continue Reading)

The Organization of the Petroleum Exporting Countries and its allies agreed to raise oil output again as shipping traffic through the Strait of Hormuz gradually recovers and Persian Gulf producers restore production.

After a virtual meeting on Sunday, seven members of the broader group called OPEC+ said they will raise production by about 188,000 barrels a day in August, marking a fifth straight monthly increase as the cartel continues to unwind production cuts introduced in recent years. The countries participating in the increase include Saudi Arabia–the group’s de-facto leader–along with Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman. (WSJ – Continue Reading)