Global Economic Policy: Central Bank Action
| Indicator | Previous Rate (%) | New Rate (%) | Goal/Rationale |
|---|---|---|---|
| Benchmark Interest Rate | 5.0 | 5.25 | Curb persistent inflation (target 2.0%) |
| Quantitative Easing | $15B/Month | $10B/Month | Gradual reduction in bond purchases |
- The Central Bank implemented a 25 basis point hike, the seventh consecutive increase since Q3 last year.
- The bank projects inflation to remain above 4% for the next two quarters before stabilizing.
- Key challenge cited: Wage growth exceeding productivity gains in the manufacturing sector.
- Fiscal policy remains contractionary to align with monetary tightening efforts.
International Relations: G7 Summit Key Outcomes (2024)
- Ukraine Aid: Agreement reached on utilizing frozen Russian sovereign assets to provide a $50 billion loan facility for Ukraine.
- Mechanism: Repayment guaranteed by future interest earnings from the assets.
- Climate & Energy: Commitment to triple global renewable energy capacity by 2030.
- Focus on phasing out reliance on coal power, specifically naming accelerated timelines for three member states.
- China Trade: Declaration emphasizing "de-risking, not decoupling" regarding trade relations.
- Shared concern over industrial overcapacity and non-market practices affecting global pricing.
- Global Health Initiative: Pledges renewed to fully fund the Pandemic Preparedness and Response Initiative (PPRI) for the 2024-2025 cycle.
Science and Technology: Artemis II Mission Preparation
- Status: The crew capsule, Orion, has successfully completed final integrated stress testing at the Kennedy Space Center.
- Launch Vehicle: The Space Launch System (SLS) core stage is undergoing final structural checks ahead of stacking operations.
- Crew Responsibilities:
- Mission duration estimated at approximately 10 days.
- Primary objective: Crewed test flight around the Moon to validate life support systems and communication protocols.
- Trajectory: Free-return circumlunar trajectory; no landing attempt scheduled.
- Involved Agencies: NASA (primary), Canadian Space Agency (CSA) contributing critical robotic arms and crew member.