The European Central Bank announced a policy adjustment strategy, raised the inflation target, and hinted that it may treat inflation higher or lower than the target in the same manner; the Central Bank hopes to boost the economy after years of sluggish growth and inflation. After 18 months of policy evaluation, the European Central Bank released its evaluation results on Thursday, stating that it will seek a mid-term consumer price increase of 2%. The target is "symmetrical" and allows the inflation rate to be within a "transitional period." "Mild" exceeded the standard. This is a significant change from the inflation target of “below but close to 2% in the medium term”. Some officials believe that the above goals are too vague, leading to the premature call for policy tightening.

The number of first-time jobless claims in the United States rose slightly last week, but it is still close to the low point since the new crown epidemic, indicating that the labor market is continuing to move towards a full recovery. According to data released by the U.S. Department of Labor on Thursday, in the week ending July 3, the number of first-time jobless claims under the state's regular unemployment benefit program increased by 2,000 to a total of 373,000. The median forecast of economists surveyed by Bloomberg was 350,000.

Affected by the general decline in inflation expectations, long-term U.S. Treasury yields have fallen spirally this week. The 30-year break-even inflation rate, which reflects inflation expectations for the next 30 years, fell to the first line of 2.18%, the lowest level since March. In May, the highest interest rate reached 2.41%. Investors are reluctant to hold bets on currency. Inflated assets. In fact, the break-even inflation rate for all periods is lower than last week

Reuters quoted four unnamed people familiar with the matter as reporting that the Bank of Japan is expected to lower its economic growth forecast for this fiscal year when it releases a new quarterly outlook next week. Reuters reported that the Bank of Japan may maintain its view of a moderate economic recovery due to the steady performance of exports and output, which has offset the weakening of consumer demand to a certain extent.

Pfizer plans to apply for an emergency use authorization for the new crown vaccine booster shot in the United States in August. Early data shows that booster shots can greatly improve immune protection. In an interview, Mikael Dolsten, head of research and development at Pfizer, said that the company has obtained preliminary data from early human trials, showing that the third booster shot is safe and can increase the level of neutralizing antibodies to 5 to 10 times that of two shots.

According to people familiar with the matter, the finance leaders of the Group of Twenty (G-20) will support global tax reform in the Venice Conference Communiqué and call for the completion of the details of the agreement no later than October. The G-20 finance ministers and central bank governors will meet in Venice, Italy on Friday and Saturday, and they are expected to issue a statement at the end of the meeting. Last week, all G-20 countries participated in the signing of the global tax reform agreement reached after the OECD negotiations, which means that the agreement has been supported by the G-20 finance ministers has become a fait accommodating fact, but this will still be one of many years of negotiations. Important milestones.

Global food prices have fallen for the first time in a year, which may bring some respite to consumers and ease inflationary pressures. A United Nations index measuring food prices fell 2.5% in June, from a nine-year high, and it was the first decline since May 2020. Lower vegetable oil and grain prices offset increases in meat and sugar prices.

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