Ms. Bullock, Governor of the Reserve Bank of Australia, stated that a more restrictive monetary policy is required to achieve sustainable inflation control. According to Michelle Bullock, inflation has increased and will not return to the target range of 2 to 3 percent until mid-2027. She cited severe economic capacity constraints and a labor market close to full employment as the reasons for higher interest rates.

Talks between Iran and the United States are being held today at 10 in Oman. The United States is calling for Iran’s uranium enrichment to be reduced to zero, and the question is how far the Islamic Republic is willing to make concessions. According to Al Mayadeen, the talks are indirect and focus solely on nuclear issues. Meanwhile, China’s Vice Foreign Minister stated that Beijing supports the Islamic Republic of Iran in preserving its sovereignty, security, and territorial integrity.

Macklem, Governor of the Bank of Canada, responded to a question about the BOC’s economic forecasts by saying that they cannot follow every threat made by President Trump, otherwise they would just go around in circles. Macklem also warned that rebuilding the economy and increasing productivity could take years. Structural changes required for the transition to a new economy may be painful, and Canada must accept these changes to avoid the worst-case scenario. He also noted that artificial intelligence has the potential to deliver economic growth without inflation, but so far there is little evidence of its impact on productivity.

The European Central Bank kept interest rates unchanged and maintained a neutral stance. Christine Lagarde, President of the European Central Bank, stated that the ECB does not focus on the exchange rate and does not have a direct target for it. She emphasized that the inflation path is assessed as stable, and forecasts indicate that inflation will gradually move toward the 2 percent target over the medium term. Lagarde also noted that wage indicators suggest easing wage pressures and that inflation conditions are at an appropriate level.