Fulcrum Perspectives

An interactive blog sharing the Fulcrum team's policy updates and analysis.

Francis Kelly 7/14/25 Francis Kelly 7/14/25

U.S. Financial Regulatory Week Ahead

The Fed Votes to Move Ease Rating Requirements for “Well Managed” Banks, Just as the Renovation and Bee Controversy Heats Up, Gould Gets Confirmed as Comptroller, and Two Major Crypto Bills Make Major Strides

July 14 - 18, 2025

It may be the middle of summer in Washington, but it remains a busy time here in the nation’s capital for Congress and regulators.

On Tuesday, the House of Representatives is poised to pass two major pieces of legislation and send one of them to President Trump’s desk to be signed into law. The first bill will regulate so-called Stable Coins. President Trump has indicated he will sign the legislation. The second bill would create a crypto market structure bill and will be sent to the Senate.

The House Financial Services Committee is holding more hearings this coming week, looking at the impact of Dodd-Frank, which was passed into law 15 years ago. Talking to Congressional staff, it is all part of a prelude to likely new deregulatory legislation in the coming months. It also provides some cover to the SEC and CFTC to look at deregulatory moves, as well.

Meanwhile, the Senate confirmed Jonathan Gould as Comptroller of the Currency last week and is getting ready for a confirmation hearing for Travis Hill as the next Chair of the Federal Deposit Insurance Corporation (FDIC).

As all this was happening, the Federal Reserve voted last week to move forward with a proposed regulation adjusting the supervisory rating framework, something that is likely to make it easier for banks to merge. Currently, any bank that loses its “well-managed” status can be limited in its ability to undertake certain activities, such as mergers and acquisitions, as well as in investing in other companies involved in certain financial activities.

But that was the good news out of the Fed for the week. Fed Chair Jay Powell continues to be under growing fire for an ongoing renovation of the Federal Reserve headquarters. More Republican members of Congress and supporters of President Trump are beginning to argue the supposed mismanagement of the project, which reportedly includes lavish remodeling of the headquarters and the building of beehives on the Fed grounds, as a “cause” for which President Trump can fire Powell. We are dubious it will get to that point and believe it is all part of a larger effort to pressure Powell to move on lowering interest rates at the next Federal Open Market Committee meeting.

Below are the meetings and events happening this week in Washington of note:

U.S. Congressional Hearings

U.S. Senate

· Tuesday, July 15, 3:00 p.m. – The Senate Agriculture Committee holds a hearing entitled “Stakeholder Perspectives on Federal Oversight of Digital Commodities.’

House of Representatives

· Tuesday, July 15, 10:00 a.m. – The House Financial Services Committee holds a hearing entitled “Dodd-Frank Turns 15: Lessons Learned and the Road Ahead” You can read the Committee Staff Background Memo HERE.

· Wednesday, July 16, 9:00 a.m. – The House Ways and Means Oversight Subcommittee holds a hearing on "Making America the Crypto Capital of the World: Ensuring Digital Asset Policy Built for the 21st Century."

· Wednesday, July 16, 10:00 a.m. – The House Financial Services Committee’s Subcommittee on National Security, Illicit Finance, and International Financial Institutions holds a hearing entitled “U.S. Policy on Investment Security.”

· Wednesday, July 16, 2:00 p.m. – The House Agriculture General Farm Commodities. Risk Management, and Credit Subcommittee holds a hearing on "Financing Farm Operations: The Importance of Credit and Risk Management.

· Wednesday, July 16, 2:00 p.m. – The House Financial Services Committee’s Housing and Insurance Subcommittee holds a hearing on "HOME 2.: Modern Solutions to the Housing Shortage."

Federal Department & Regulatory Agency Meetings & Events

Federal Reserve Board and Federal Reserve Banks

· Tuesday, July 15 - The Federal Reserve holds its Unleashing a Financially Inclusive Future Conference in Washington, D.C.

· Tuesday, July 15, 9:15 a.m. – Federal Reserve Vice Chair for Supervision Michelle Bowman will give remarks at the Federal Reserve Board's Second Annual Financial Inclusion Conference (via pre-recorded video).

· Tuesday, July 15, 12:45 p.m. – Federal Reserve Board Governor Michael Barr will give a speech entitled “expanding financial inclusion” at the Federal Reserve Board's Second Annual Financial Inclusion Conference, Washington, D.C.

· Wednesday, July 16, 9:15 a.m. – Cleveland Federal Reserve Bank President Beth Hammack speaks on "Community Development" before the Cuyahoga County Community College Corporate College 20th Anniversary Celebration Business Breakfast.

· Wednesday, July 16, 10:00 a.m. – Federal Reserve Board Governor Michael Barr will give a speech on financial regulation at the Brookings Institution in Washington, D.C.

· Wednesday, July 16, 6:30 p.m. – New York Federal Reserve Bank President John Williams gives keynote before the New York Association for Business Economics (NYABE) Distinguished Speaker Series.

· Thursday, July 17, 10:00 a.m. – Federal Reserve Board Governor Adriana Kugler will give a speech entitled “A view of the Housing Market and U.S. Economic Outlook” at the Housing Partnership Network Symposium in Washington, D.C.

· Thursday, July 17, 1:30 p.m. – Federal Reserve Board Governor Lisa Cook gives a speech at the National Bureau of Economic Research Summer Institute (virtually).

· Thursday, July 17, 6;30 p.m. – Federal Reserve Board Governor Christopher Waller will give a speech on the economic outlook at the Money Marketeers Event in New York.

U.S. Treasury Department

· There are no significant events scheduled at this time.

Department of Commerce

· There are no significant events scheduled at this time.

Department of Housing and Urban Development

· There are no significant events scheduled at this time.

Securities and Exchange Commission

· Thursday, July 17, 2:00 p.m. – The SEC will hold a Closed Meeting.

Commodities Futures Trading Commission

· There are no significant events scheduled at this time.

Federal Deposit Insurance Corporation

· Tuesday, July 15, 10:00 a.m. – The FDIC Board will meet in open session. The agenda includes a proposed amendment to FDIC Guidelines for Appeals of Material Supervisory Determinations; Notice of Proposed Rulemaking regarding Adjusting and Indexing Part 363 and Certain Other FDIC Regulatory Thresholds; Request for Information regarding Industrial Banks and Industrial Loan Companies and Their Parent Companies. Additionally, the Board will vote on a Notice of Proposed Rulemaking regarding Community Reinvestment Act Regulations, a Notice of Proposed Rulemaking regarding Establishment and Relocation of Branches and Offices, a Notice regarding Parent Companies of Industrial Banks and Industrial Loan Companies; Withdrawal of Proposed Rule, and a Notice regarding Regulatory Publication and Review Under the Economic Growth and Regulatory Paperwork Reduction Act of 1996.

Office of the Comptroller of the Currency

· There are no significant events scheduled at this time.

The Consumer Financial Protection Bureau

· There are no significant events scheduled at this time.

FINRA

· There are no significant events scheduled at this time.

National Credit Union Administration

· There are no significant events scheduled at this time.

Federal Trade Commission & Department of Justice Antitrust Division

· There are no significant events scheduled at this time.

Farm Credit Administration

· There are no significant events scheduled at this time.

Farm Credit System Insurance Corporation

· There are no significant events scheduled at this time.

International Monetary Fund & World Bank

· There are no significant events scheduled at this time.

North American Securities Administrators Association

· There are no significant events scheduled at this time.

Small Business Administration

· There are no significant events scheduled at this time.

Trade Associations & Think Tank Events

Trade Associations

· Thursday, July 17 – The American Bankers Association holds its Women Lead Symposium (virtual).

Think Tanks and Other Events

· Wednesday, July 16, Noon – The Exchequer Club of Washington, D.C. will host Senator Elizabeth Warren (D-MA) as their luncheon speaker.

· Thursday, July 17, 11:30 a.m. – The Brookings Institution holds a discussion on "The House Financial Services Committee Agenda” with House Financial Services Committee’s Ranking Democrat, Representative Maxine Waters (D-CA).

Recommended Reading

AI’s role in credit is growing, are things moving too fast? Federal Reserve Bank of Boston The Future of Finance Podcast
People in the credit business are starting to see just how much AI can do for them. It can improve profits and lower defaults. It can predict demand for new services. It can see past credit scores and comprehensively assess lending risks. That’s why AI’s role in credit is only going to get bigger going forward. Some people are very excited about that. And some are very worried. AI will lie unless you tell it not to. It will collude on pricing with other AI. Experts say those are a couple reasons why we need to proceed with caution and better understand potential hazards. For additional background on this subject, read an outline of the keynote speech at the 68th Economic Conference by UC-Berkeley professor Adair Morse, “AI Innovation for Credit: Frontiers of Benefits & Red Flags.” Watch a recording of the speech.
Reporting FinCEN’s Suspicious Activity, Again Cato Institute
The Financial Crimes Enforcement Network (FinCEN) has released its 2024 “Year in Review” report, and things are not looking good. Once again, the agency has highlighted lackluster statistics in an attempt to justify financial surveillance in the United States. Let’s start at the top and work our way down. Under the Bank Secrecy Act, banks and other financial institutions are required by law to report customers under certain circumstances. According to FinCEN, more than 27.5 million reports were filed in 2024 (Table 1). That’s roughly 75 thousand reports a day.
Banking Analytics: The Growing Connection between Bank and Nonbank Sectors Federal Reserve Bank of St. Louis
In the first quarter of 2025, U.S. banks held $1.14 trillion in loans outstanding to the nonbank financial sector. This sector consists of nondepository financial institutions (NDFIs), which engage in credit intermediation, asset management, market-making and other financial services in the economy. This interconnectedness between banks and nonbanks adds an extra layer of intermediation, as banks lend to mortgage companies, insurance companies, investment funds (such as mutual funds, money market funds, hedge funds and private capital funds), pension funds, broker-dealers, securitization vehicles and other financial entities, which then lend directly to end users in the economy.

Please let us know if you have any questions or would like to be added to our email distribution list.

Francis Kelly 7/13/25 Francis Kelly 7/13/25

The Global Week Ahead

President Trump to Make “Major Statement” on Ukraine, Japan Holds Major Elections, German Chancellor Merz Travels to London To Sign the UK-Germany Strategic Partnership Treaty, and the G20 Finance Ministers Meet in South Africa

July 13 - 20, 2025

It will be another hectic week on the geopolitical stage as President Trump has promised to make a “major statement” on Ukraine on Monday. The announcement, which is expected to be a substantial commitment of new military aid to Ukraine, comes as the President meets with NATO Secretary General Mark Rutte in Washington. If Trump does, in fact, announce a sizeable commitment of weapons to Kyiv, it will be a major policy shift for the President and suggest a significant new turn in the war, not to mention Trump’s growing irritation with Russian President Vladimir Putin for refusing to engage in peace negotiations.

All this comes as President Trump continues to press forward with aggressive tariff threats, announcing on Friday that he is putting new tariffs on the European Union, Mexico, and Canada. Both Mexico and Canada are going to be hit with new 30 percent tariffs for fentanyl smuggling into the US, according to a letter Trump posted on Truth Social, his media platform. The EU will also face new 30 percent tariffs, according to Trump’s letter, for failing to deal in good faith with the US in ongoing trade negotiations.

Also, this week, markets will be watching Japan’s Upper House elections to understand the further stability of Prime Minister Shigeru Ishida’s ruling government and what sort of flexibility the Bank of Japan has on raising interest rates. Japan’s opposition parties are advocating for tax cuts and looser monetary policy, and if they gain substantially in Sunday’s elections, the central bank will feel significant pressure not to raise rates.

Trump will host Philippine President Ferdinand “Bongbong” Marcos next Sunday for trade talks while Treasury Secretary Scott Bessent travels to Japan to attend the World Expo in Osaka. While no formal bilateral meetings between Bessent and Japanese negotiators have been announced, it is expected that he will sit down with them while there to try and unlock stalled trade talks.

In Europe this week, German Chancellor Fredrich Merz makes his first visit to London since being elected in May. While there, he will sign a new UK-Germany Strategic Partnership Treaty designed to significantly ramp up mutual defense and economic cooperation, all part of greater Europe’s effort rapidly build up military capabilities in the face of Russia’s ongoing aggression in Ukraine and Russian President Putin’s continuous demands for Eastern European countries to leave NATO.

Looking at the global economic and financial radar screen this week, G20 finance and central bank governors meet in South Africa. No significant announcements or outcomes are expected from those meetings at this time.

In terms of major economic reports this week, the highly anticipated US June CPI report is out on Tuesday, telling markets if there is any new inflationary movement as a result of the Trump tariffs. The PPI report will be out on Wednesday, and the preliminary University of Michigan consumer survey results for July will be released on Friday. Also out this week are the Fed’s Beige Book on Wednesday, along with industrial production numbers. And the June retail sales come out on Thursday.

While we normally do not cover earnings, we note that many of the largest US banks will be releasing earnings this week (JP Morgan, Bank of New York Mellon, Wells Fargo, Citigroup, BlackRock, Bank of America, Morgan Stanley, and Goldman Sachs). Markets will be looking to see how strong their earnings are as another indicator of overall US economic strength.

Turning to Asia, China’s Q2 GDP and June retail activity data are out on Tuesday. Japan releases the Bank of Japan’s Opinion Survey on the General Public's Views and Behavior for June on Monday, the June customs trade data on Thursday, and the CPI figures on Friday.

In Europe this week, the UK will release CPI data on Wednesday and labor market reports on Thursday.

Below are all the other major geopolitical and geoeconomic events we are tracking this coming week:

Sunday, July 13, 2025

Global

· Nothing significant to report.

Americas

Political/Social Events –

· Today is the first anniversary of President Trump being shot at a rally in Pennsylvania.

Economic Reports/Events –

· Nothing significant to report.

Asia

Political/Social Events –

· Australian Prime Minister Anthony Albanese continues a six-day visit to China (which began on Saturday). Albanese has brought a large delegation of Australian businessmen in the hope of signing a number of trade deals.

· Indian Foreign Minister Subrahmanyam Jaishankar travels to China for the first time in five years for meetings with Chinese Foreign Minister Wang Yi. Jainshankar will then travel on to Tianjin to attend the Shanghai Cooperation Organization’s Council of Foreign Ministers July 14-15. The Chinese and Indian Foreign Ministers are expected to discuss Indian-Pakistan tensions, rare earth supplies to India, the Dalai Lama’s succession, and the resumption of direct flights between the two countries.

· Russian Foreign Minister Sergei Lavrov visits Pyongyang, South Korea.

· Australia will host the Exercise Talisman Sabre 2025 military drills with 18 other participating nations, including the United States and Japan, through August 4.

· Japan holds the Chinreisha Festival (Spirit-Pacifying Shrine) at the Yasukuni Shrine dedicated to all of those who died in wars or incidents since 1853 and who cannot be enshrined in the Main sanctuary, in other words, enemies of Imperial Japan.

Economic Reports/Events –

· Nothing significant to report.

Europe

Political/Social Events –

· France celebrates Bastille Day.

· Today is Sovereignty Day in Montenegro, a national holiday.

Economic Reports/Events –

· Nothing significant to report.

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Israel Imports/ Exports/ Balance of Trade (June)

Africa

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Monday, July 14, 2025

Global

· The UN Security Council is scheduled to hold a vote related to the United Nations Integrated Office in Haiti (BINUH) and the UN Mission to Support the Hudaydah Agreement (UNMHA). Also, in the morning, the Security Council is scheduled to hold consultations on the
United Nations Peacekeeping Force in Cyprus (UNFICYP).

· The UN’s High-level Political Forum on Sustainable Development (HLPF) will open its session in the General Assembly Hall at the UN Headquarters in New York. The Forum will continue until 23 July.

Americas

Political/Social Events –

· NATO Secretary General Mark Rutte will be in Washington through July 15 for meetings with President Trump, Secretary of State Marco Rubio, and Defense Secretary Pete Hegseth. President Trump, in an interview last week, said he would “have a major statement to make on Russia” today. It is believed he will formally announce new military aid programs for Ukraine.

Economic Reports/Events –

· Brazil IBC-BR Economic Activity (May)/ BCB Focus Market Readout

· Canada Wholesale Sales (May)

· Argentina Inflation Rate (June)

Asia

Political/Social Events –

· The Chinese-led Shanghai Cooperation Organization’s (SCO) Council of Foreign Ministers meets in Tianjin through July 15. They are expected to discuss regional trade and security matters. There are nine members of the SCO: the Republic of India, the Islamic Republic of Iran, the Republic of Kazakhstan, the People's Republic of China, the Kyrgyz Republic, the Islamic Republic of Pakistan, the Russian Federation, the Republic of Tajikistan, and the Republic of Uzbekistan.

· The China-EU Sixth High-Level Environment and Climate Dialogue begins in Beijing.

Economic Reports/Events –

· New Zealand Composite & Services NZ PCI (June)/ Electronic Retail Card Spending (June)

· Japan Machinery Orders (May)/ Capacity Utilization (May)/ Industrial Production (May)/ Tertiary Industry Index (May)

· Singapore GDP Growth Rate Q2

· China Imports/ Exports/ Balance of Trade (June)/ New Yuan Loans (June)/ M2 Money Supply (June)/ Outstanding Loan Growth (June)/ Total Social Financing (June)

· Malaysia Retail Sales (May)

· India WPI Food/ Fuel/ Inflation/ Manufacturing Index (June)/ Inflation Rate (June)/ Passenger Vehicles Sales (June)

Europe

Political/Social Events –

· The EU Foreign Affairs Council (Trade) meets in Brussels. EU trade ministers are expected to discuss the state of trade negotiations with the US, EU-China trade relations, and other major issues.

· The EU Agriculture and Fisheries Council meets in Brussels. The agenda includes an overview of the current marketplace and an EU-wide initiative to diversify protein sources for food and feed.

· The first-ever EU-Central America Association Council meets in Brussels. The meeting brings together leaders from the EU and six Central American countries - Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, and Panama.

· France celebrates Bastille Day. Indonesian President Prabowo Subianto is the guest of honor, per an invitation from French President Emmanuel Macron.

Economic Reports/Events –

· European Central Bank Board Member Piero Cipollone participates in an exchange of views at the Committee on Economic and Monetary Affairs of the European Parliament in Brussels, Belgium.

· Hungary Construction Output (May)

· Switzerland Producer & Import Prices (June)

· Romania Current Account (May)

· Poland Balance of Trade (May)/ Current Account (May)

· Euro Area ECB Cipollone Speech

· Turkey Auto Production & Sales (June)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Israel M1 Money Supply (June)

Africa

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Ghana PPI (June)

Tuesday, July 15, 2025

Global

· OPEC releases its monthly report.

Americas

Political/Social Events –

· President Trump will speak at the Pennsylvania Energy and Innovation Summit in Pittsburgh, Pennsylvania.

· The Federal Reserve holds its Unleashing a Financially Inclusive Future Conference in Washington, D.C.

· The Senate Foreign Relations Committee will hold a confirmation hearing for former National Security Advisor Mike Walz to serve as US Ambassador to the United Nations.

· The Aspen Security Forum begins in Aspen, Colorado.

Economic Reports/Events –

· Federal Reserve Vice Chair for Supervision Michelle Bowman will give remarks at the Federal Reserve Board's Second Annual Financial Inclusion Conference (via pre-recorded video).

· Federal Reserve Board Governor Michael Barr will give a speech entitled “Expanding Financial Inclusion” at the Federal Reserve Board's Second Annual Financial Inclusion Conference, Washington, D.C.

· Dallas Federal Reserve Bank President Lorie Logan gives opening remarks before an event of the World Affairs Council of San Antonio.

· Canada Housing Starts (June)/ Inflation Rate (June)/ CPI Median (June)/ Manufacturing Sales (May)/ New Motor Vehicle Sales (May)

· USA Inflation Rate (June)/ CPI (June)/ NY Empire State Manufacturing Index (July)/ Redbook (July/12)/ Fed Bowman Speech/ NOPA Crush Report/API Crude Oil Stock Change (July/11)

· Colombia Industrial Production (May)/ Retail Sales (May)

· Paraguay Consumer Confidence (June)

· Peru GDP Growth Rate (May)/ Unemployment Rate (June)

Asia

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Australia Westpac Consumer Confidence Index & Change (July)

· China House Price Index (June)/ GDP Growth Rate Q2/ Industrial Production (June)/ Retail Sales (June)/ Fixed Asset Investment (YTD) (June)/ Industrial Capacity Utilization Q2/ Unemployment Rate (June)

· Kazakhstan Industrial Production (June)/ GDP (June)

· India Imports/ Exports/ Balance of Trade (June)

· New Zealand Global Dairy Trade Price Index (July/15)

· Sri Lanka Manufacturing PMI (June)/ Services PMI (June)

Europe

Political/Social Events –

· The EU Foreign Affairs Council meets in Brussels. EU High Representative for Foreign Affairs and Security Policy, Kaja Kallas will chair the meeting of EU Foreign Ministers. The primary agenda items will be Russia’s aggression against Ukraine and will include a video discussion with Ukrainian Foreign Affairs Minister Andrii Sybiha. The ministers will also discuss the situation in Georgia, the Middle East (Gaza, Israel, and Iran), and the New Pact for the Mediterranean.

· UK Chancellor of the Exchequer Rachel Reeves gives annual Mansion House speech in London.

Economic Reports/Events –

· European Central Bank Board Member Claudia Buch gives an introductory statement at Hearing of the Committee on Economic and Monetary Affairs of the European Parliament in Brussels, Belgium.

· Bank of England Governor Andrew Bailey gives a speech at the Annual Financial and Professional Services Dinner at Mansion House in London.

· Great Britain BRC Retail Sales Monitor (June)/ BoE Gov Bailey Speech

· Romania Industrial Production (May)

· Hungary Industrial Production (May)

· Slovakia Inflation Rate (June)

· Spain Inflation Rate (June)

· Poland Inflation Rate (June)

· Euro Area ZEW Economic Sentiment Index (July)/ Industrial Production (May)/ ECB Buch Speech

· Germany ZEW Economic Sentiment Index (July)/ ZEW Current Conditions (July)

· Serbia Building Permits (May)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Israel Inflation Rate (June)

· Saudi Arabia Inflation Rate (June)/ Wholesale Prices (June)

· Oman Inflation Rate (June)

Africa

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· South Africa Gold Production (May)/ Mining Production (May)

· Angola Foreign Exchange Reserves (June)/ M3 Money Supply (June)

· Nigeria Food Inflation (June)/ Inflation Rate (June)/ GDP Growth Rate Q1

Wednesday, July 16, 2025

Global

· UN Secretary General Antonio Guterres is convening an informal meeting on Cyprus at UN Headquarters.

Americas

Political/Social Events –

· The inauguration of Jennifer Geerlings-Simons as the new President of Suriname is held in Paramiribo.

Economic Reports/Events –

· Federal Reserve Board Governor Michael Barr will give a speech on financial regulation at the Brookings Institution in Washington, D.C.

· New York Federal Reserve Bank President John Williams gives a keynote before the New York Association for Business Economics (NYABE) Distinguished Speaker Series.

· Cleveland Federal Reserve Bank President Beth Hammack speaks on "Community Development" before the Cuyahoga County Community College Corporate College 20th Anniversary Celebration Business Breakfast.

· The Federal Reserve releases the Beige Book/ USA MBA Mortgage Market Index (July/11)/ MBA Purchase Index (July/11)/ PPI (June)/Capacity Utilization (June)/ Industrial Production (June)/ Manufacturing Production (June)/ EIA Gasoline & Crude Oil Stocks Change (July/11)

· Colombia Consumer Confidence (June)

Asia

Political/Social Events –

· The International Supply Chain Expo in Beijing begins and runs through Saturday. Nvidia will take part for the first time, according to state media reports.

Economic Reports/Events –

· South Korea Imports/ Export Prices (June)/ Unemployment Rate (June)

· Japan Reuters Tankan Index (July)

· Indonesia Interest Rate Decision/ Deposit Facility Rate (July)/ Lending Facility Rate (July)

· Philippines Cash Remittances (May)

Europe

Political/Social Events –

· The European Commission will present a sweeping new EU budget reform package. This swill include proposals for the 2028-2035 EU multiannual financial framework that will include closer alignment on strategic priorities such as rearmament, industrial competition, and tech policy.

· There will be informal meetings of EU Research Ministers and EU Ministers for Internal Markets and Industry in Brussels through July 18.

· The Foreign Ministers of Poland, Lithuania and Ukraine – the so-called “Lublin Triangle” – will meet in Lublin, Lithuania.

· German Finance Minister Lars Klingbeil and French counterpart Eric Lombard meet and hold a press conference in Berlin, Germany.

Economic Reports/Events –

· Great Britain Inflation Rate (June)/ Retail Price Index (June)

· Hungary Gross Wage (May)

· Italy Inflation Rate (June)/ Balance of Trade (May)

· Euro Area Balance of Trade (May)

· Ireland Residential Property Prices (May)

· Poland Core Inflation Rate (June)

· Belarus Industrial Production (June)

· Ukraine Balance of Trade (May)

· Russia PPI (June)

· Turkey Budget Balance (June)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Israel GDP Growth Annualized 3rd Est Q1

Africa

Political/Social Events –

· Zambia will hold an International Investment Conference in Lusaka through July 18.

Economic Reports/Events –

· South Africa Retail Sales (May)

Thursday, July 17, 2025

Global

· G20 Finance Ministers and Central Bank Governors will begin two days of meetings in Zimbali, South Africa through July 18.

· The UN Security Council is scheduled to hold consultations on the 1701 report (ending hostilities between Israel and Hezbollah).

Americas

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Federal Reserve Board Governor Adriana Kugler will give a speech entitled “A view of the Housing Market and U.S. Economic Outlook” at the Housing Partnership Network Symposium in Washington, D.C.

· Federal Reserve Board Governor Lisa Cook gives a speech at the National Bureau of Economic Research Summer Institute (virtually).

· Federal Reserve Board Governor Christopher Waller will give a speech on the economic outlook at the Money Marketeers Event in New York.

· Canada CFIB Business Barometer (July)/ Foreign Securities Purchases (May)

· USA Initial Jobless Claims (July/12)/ Philadelphia Fed Manufacturing Index (July)/ Continuing Jobless Claims (July/05)/ Import Prices (June)/ Export Prices (June)/ Philly Fed CAPEX Index (July)/ Retail Sales (June)/ / NAHB Housing Market Index (July)/ EIA Natural Gas Stocks Change (July/11)/ 15- & 30-Year Mortgage Rate (July/17)/ Net Long-term TIC Flows (May)/ Foreign Bond Investment (May)/ Overall Net Capital Flows (May)/ Fed Balance Sheet (July/16)

· Argentina Balance of Trade (June)

Asia

Political/Social Events –

· Today is Constitution Day in South Korea, which is not a national holiday anymore as of 2008.

Economic Reports/Events –

· New Zealand Food Inflation (June)

· Japan Imports/ Exports/ Balance of Trade (June)/ Foreign Bond Investment (July/12)/ Stock Investment by Foreigners (July/12)

· Singapore Non-Oil Exports (June)/ Balance of Trade (June)

· Australia Consumer Inflation Expectations (July)/ Employment Change (June)/ Unemployment Rate (June)/ Participation Rate (June)

· Indonesia Loan Growth (June)

· Hong Kong Unemployment Rate (June)

Europe

Political/Social Events –

· German Chancellor Friedrich Merz travels to London for his first official meeting since taking office in May. He will meet with Prime Minister Keir Starmer and will also sign the UK–Germany Strategic Partnership Treaty that will include significant mutual defense and economic cooperation.

Economic Reports/Events –

· European Central Bank Board Member Piero Cipollone participates in the G20 Finance Ministers and Central Bank Governors' meeting in KwaZulu-Natal, South Africa.

· Switzerland Balance of Trade (June)

· Great Britain Unemployment Rate (May)/ Employment Change (May)/ HMRC Payrolls Change (June)/ Claimant Count Change (June)

· Slovakia Inflation Rate (June)

· Euro Area CPI Final (June)/ Inflation Rate (June)

· Ireland Balance of Trade (May)

· Serbia Current Account (May)

· Belarus GDP (June)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Israel Inflation Expectations (July)

· Jordan Industrial Production (May)

Africa

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· South Africa Building Permits (May)

Friday, July 18, 2025

Global

· The UN Security Council is scheduled to hold a briefing, followed by consultations, on Colombia.

Americas

Political/Social Events –

· Today is Constitution Day in Uruguay, a national holiday.

Economic Reports/Events –

· USA Housing Starts (June)/ Building Permits (June)/ Michigan Consumer Sentiment (July)/ Michigan Current Conditions (July)/ Michigan Inflation Expectations (July)/ Baker Hughes Total Rigs Count (July/18)

· Colombia ISE Economic Activity (May)

· Argentina Economic Activity (May)

Asia

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Japan Inflation Rate (June)/ BoJ JGB Purchases

· New Zealand Credit Card Spending (June)

· Malaysia Imports/ Exports/ Balance of Trade (June)/ GDP Growth Rate Q2

· India Bank Loan Growth (July/04)/ Deposit Growth (July/04)/ Foreign Exchange Reserves (July/11)

Europe

Political/Social Events –

· German Chancellor Friedrich Merz meets Romanian President Nicuşor Dan in Berlin, Germany.

· EU Immigration Ministers will gather in Berlin to discuss asylum rules.

Economic Reports/Events –

· Germany PPI (June)

· Euro Area Current Account (May)/ Construction Output (May)

· Italy Construction Output (May)/ Current Account (May)

· Spain Balance of Trade (May)

· Turkey Business Confidence Q3/ Foreign Exchange Reserves (July/11)

· Slovakia Current Account (May)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Angola Interest Rate Decision

Africa

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Saturday, July 19, 2025

Global

· Nothing significant to report.

Americas

Political/Social Events –

· US Secretary of the Treasury Scott Bessent travels to Japan to attend the World Expo in Osaka. It is unclear at this point whether Bessent will hold bilateral meetings on trade with Japanese officials while there.

· Today is Liberation Day in Nicaragua, a national holiday celebrating the beginning of the hostilities pushing the Somoza family from power.

Economic Reports/Events –

· Nothing significant to report.

Asia

Political/Social Events –

· Japan holds its upper house of parliament elections.

Economic Reports/Events –

· Nothing significant to report.

Europe

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Africa

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Sunday, July 20, 2025

Global

· Nothing significant to report.

Americas

Political/Social Events –

· Philippine President Ferdinand Marcos travels to Washington for meetings with President Trump through July 22.

· Today is Independence Day in Colombia, a national holiday.

Economic Reports/Events –

· Nothing significant to report.

Asia

Political/Social Events –

· Japan holds its upper house of parliament elections. 124 of the 248 members are up for election in the National Diet where they serve six-year terms.

Economic Reports/Events –

· China Loan Prime Rate 1Y & 5Y (July)

· Japan Upper House Election

Europe

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Israel Imports/ Exports/ Balance of Trade (June)/ Unemployment Rate (June)

Africa

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Francis Kelly 7/11/25 Francis Kelly 7/11/25

U.S. Financial Regulatory Week Ahead

The House is Poised to Vote on Landmark Crypto Legislation, Banks Ponder Coming Fed and Treasury Regulatory Moves, and Will There Be Bee Hives at the Fed?

July 7 - 11, 2025

We hope you had a wonderful 4th of July holiday. It was a beautiful weekend here in Washington. Now, the nation’s capital is slowly getting back to work slowly this week after the mammoth effort last effort to hammer out and pass President Trump’s One Big Beautiful Bill Act (OBBBA), getting it to his desk for signature by his deadline of July 4th. It has left Congress rather exhausted, with members eagerly waiting for the August recess.

But the House of Representatives has several financial services-focused matters they are diving into this week. First, the House is likely to take up for passage three landmark crypto legislation this week (but we think it will slip until next week). The bills would 1) create a framework for dollar-pegged stablecoins (H.R. 2392 The Stablecoin Transparency and Accountability for a Better Ledger Economy Action of 2025, otherwise known as the STABLE Act) 2) ban central banks digital currencies (H.R. 1919, the Anti-CBDC Surveillance Act), and 3) define which regulators have oversight over digital assets (H.R. 2633, the Digital Asset Market Clarity Act of 2025 – otherwise known as the CLARITY Act).

How the House will move the bills – will they combine them all into one? Or one at a time? – remains unclear. And the White House and Senate Republicans are pushing the House to instead adopt the Senate-passed stablecoin bill known as the GENIUS Act (S.1582, The Guiding and Establishing National Innovation for U.S. Stablecoins Act). We will update you when we get some more clarity on the strategy the House leadership wants to take.

The House Financial Services Committee is busy this week holding two interesting hearings this week looking at the impact of the Dodd-Frank Act, suggesting the committee is looking at ways to reform and amend the 15-year-old law.

We would also note something else going on with Congress and from one regulator – a not-so-subtle, steady stream of calls for a full-blown investigation of Fed Chair Jay Powell and the Fed. The regulator making the accusations is Federal Housing Finance Agency Director Bill Pulte, who publicly called on Congress to investigate Powell for “political bias” as well as for renovations taking place at the Federal Reserve. Pulte – whose supporters have been not so quietly whispering he should be considered as the next Fed Chair – accused Powell of “malfeasance” that is “worthy of ‘for cause’ removal from the Chair.

From the congressional side, Senate Banking Committee Chair Tim Scott (R-SC) raised his concerns directly with Powell over the renovations during Powell’s recent testimony before the Banking Committee – concerns he repeated on the Sunday morning news shows yesterday. What is so outlandish about the renovations? Supposedly, there is a special VIP dining room being built, special elevators, a new roof terrace garden that would include beehives – all of which Powell has denied as being true (note: as a beekeeper myself, I think it would be very cool to have bees at the Fed. They could sell the honey to help pay down the debt – just a suggestion…).

Finally, with OBBBA out of the way and crypto legislation moving, banks are increasingly curious about what Fed regulatory and supervisory changes are going to be coming under Fed Vice Chair Michelle Bowman. The Fed is holding a conference on July 22 on large bank capital requirements. And likely other big regulatory shifts are going to come – but what exactly they will has become a giant guessing game among bank lobbyists.

Additionally, the Treasury Department, which seems to be the busiest place in Washington overseeing trade talks, the details of OBBBA, and a host of other issues, is planning to play a greater role in financial regulation. Back in April, Treasury Secretary Scott Bessent spoke at the American Bankers Association Washington Summit and said Treasury’s involvement could come in several ways, such as a more active Financial Stability Oversight Council (FSOC) or the President’s Working Group on Financial Markets. And there are still rumors floating around about a possible merger of the Office of the Comptroller of the Currency (OCC) and Federal Deposit Insurance Corporation (FDIC), along with the Consumer Financial Protection Bureau (CFPB).

All this suggests we are going to have a very busy fall when Congress gets back from its August recess. But for now, below are the meetings and events happening this week in Washington of note:

U.S. Congressional Hearings

U.S. Senate

· Wednesday, July 9, 10:00 a.m. – The Senate Banking Committee holds a hearing entitled “From Wall Street to Web3: Building Tomorrow’s Digital Asset Markets.”

House of Representatives

· Tuesday, July 8, 10:00 a.m. – The House Financial Services Committee holds a hearing entitled “Main Street or Mandates? How Dodd-Frank Closed the Door on Financial Opportunities.” You can read the committee memorandum on the hearing and the legislation they will be considering during the hearing HERE.

· Wednesday, July 9, 10:00 a.m. – The House Financial Services Committee’s Subcommittee on Capital Markets holds a hearings entitled “Fifteen Years of Dodd-Frank: Assessing the Costs, Consequences, and Path Forward for U.S. Capital Markets.”

· Wednesday, July 9, 2:00 p.m. – The House Financial Services Committee’s Subcommittee on Housing & Insurance holds a hearing entitled “HOME 2.0: Modern Solutions to the Housing Shortage.”

Federal Department & Regulatory Agency

Meetings & Events

Federal Reserve Board and Federal Reserve Banks

· Thursday, July 10, 1:15 p.m. – Federal Reserve Board Governor Christopher J. Waller entitled “Balance Sheet” at a Conversation with Federal Reserve Governor Christopher J. Waller, hosted by the Federal Reserve Bank of Dallas and the World Affairs Council of Dallas/Fort Worth, Dallas, Texas

U.S. Treasury Department

· There are no significant events scheduled at this time.

Department of Commerce

· There are no significant events scheduled at this time.

Department of Housing and Urban Development

· There are no significant events scheduled at this time.

Securities and Exchange Commission

· Thursday, July 10, 2:00 p.m. – The SEC will hold a Closed Meeting.

Commodities Futures Trading Commission

Federal Deposit Insurance Corporation

· There are no significant events scheduled at this time.

Office of the Comptroller of the Currency

· There are no significant events scheduled at this time.

The Consumer Financial Protection Bureau

· There are no significant events scheduled at this time.

FINRA

· There are no significant events scheduled at this time.

National Credit Union Administration

· There are no significant events scheduled at this time.

Federal Trade Commission & Department of Justice Antitrust Division

· There are no significant events scheduled at this time.

Farm Credit Administration

· Thursday, July 10, 10:00 a.m. – The Farm Credit Administration Board meets to hear a report on Food Hubs.

Farm Credit System Insurance Corporation

· Wednesday, July 9, 10:00 a.m. – The FCSIC Board meetings. The agenda includes reviews of the FCSIC’s Quarterly FCSIC Financial Reports, Quarterly Report on Insured Obligations, Quarterly Report on Annual Performance Plan, and the Mid-Year Review of Insurance Premium Rates.

International Monetary Fund & World Bank

· There are no significant events scheduled at this time.

North American Securities Administrators Association

· There are no significant events scheduled at this time.

Small Business Administration

· There are no significant events scheduled at this time.

Trade Associations & Think Tank Events

Trade Associations

· Wednesday, July 10, 10:00 a.m. ET – The Investment Company Institute holds a conference entitled “The Digital Future of Asset Management: Current State and Regulatory Landscape.”

Think Tanks and Other Events

· There are no significant events scheduled at this time.

Please let us know if you have any questions or would like to be added to our email distribution list.

Francis Kelly 7/6/25 Francis Kelly 7/6/25

The Global Week Ahead

Trump’s Reciprocal Tariff Extension Ends, The BRICS+ Summit Concludes, Israeli Prime Minister Netanyahu Returns to the White House, ASEAN Foreign Ministers Meet, The Eurogroup Gathers While Fed Minutes Are Released

July 6 - 13, 2025

It may be summer in the Northern Hemisphere, but there is a lot going on in Washington, Europe, and Asia this week. The biggest event politically and for markets this week comes on Wednesday when President Trump’s 90-day extension on placing “reciprocal tariffs” ends. At that point, President Trump is expected to revert back to the April 2nd rates on all countries that fail to secure a trade deal with the US. Or at least that was the case until Sunday morning when Treasury Secretary Scott Bessent told reporters the actual reversion date will now be August 1st. The White House is sending letters to 100 smaller countries, after which the larger tariffs will take effect by that date.

EU financial ministers will gather for a Eurogroup meeting this week in Brussels, where US trade relations will be a major agenda item. The European Commission and the European Parliament are also expected to hold discussions on the US tariffs and strategies for reaching a deal.

Meanwhile, the BRICS+ Leaders’ Summit concludes on Monday in Brazil. The Summit lacked the hoped-for heft and impact after Chinese President Xi Jinping cancelled his attendance due to “scheduling conflicts,” and Russian President Vladimir Putin said he could not attend, mostly out of fear of being arrested for war crimes. Markets will be watching for the final communique and any indications of what comes next for the BRICS.

Also on Monday, Israeli Prime Minister Benjamin Netanyahu will be in Washington for a meeting with President Trump. It is Netanyahu’s third trip to Washington to meet with the President since Trump was inaugurated in January. The agenda is a big one: The two leaders are going to discuss the situation in Gaza, and Trump is expected to press Netanyahu on a more permanent ceasefire. They are also expected to discuss what comes next with Iran. There has been talk that US Special Envoy Steven Witkoff might meet with Iranian Foreign Minister Abbas Araghchi Monday – or perhaps later in the week – in Oslo, Norway, to discuss Iran’s nuclear program. But this has yet to be confirmed.

In Asia this week, ASEAN Foreign Ministers are going to be meeting in Kuala Lumpur on the sidelines of the ASEAN Regional Forum and the East Asia Summit – two of the biggest, most important multilateral meetings held in the region annually. Russian Foreign Minister Sergey Lavrov will be attending as will Chinese Foreign Minister Wang Yi. US Secretary of State Marco Rubio was scheduled to attend but cancelled at the end of last week to stay in Washington to focus on the Netanyahu meeting and the Iran nuclear talks. Rubio was also scheduled to fly to Japan and then South Korea to meet with his counterparts about regional security issues, but he has canceled that trip, too.

Looking at the global economic radar screen this week, next to the July 9th tariff deadline set by President Trump expiring, markets will be looking at the Federal Reserve’s Federal Open Market Committee minutes, which are being released on Wednesday. Specifically, the focus will be on how divided the Fed might be on the issue of cutting interest rates – especially after Fed Governor Christopher Waller and Fed Vice Chair Michelle Bowman indicated recently they were in favor of cutting rates.

In Europe, markets are looking at the UK GDP release on Friday, Germany’s industrial production numbers on Monday, and the trade balance on Tuesday. And in Asia, China’s CPI is released on Wednesday, Japan releases wage data for May on Monday and the Economy Watchers report on Tuesday, and the Reserve Bank of Australia’s interest rate decision on Tuesday.

Below are all the other major geopolitical and geoeconomic events we are tracking this coming week:

Sunday, July 6, 2025

Global

· The 15th BRICS Leaders’ Summit begins in Rio de Janeiro, Brazil and runs through July 7. Eleven members are expected to be represented. However, neither Chinese President Xi Jinping nor Russian President Vladimir Putin are going to attend.

· The OPEC+ monthly meeting will be held (virtually)

Americas

Political/Social Events –

· The 49th CARICOM (Caribbean Community) Heads of Government Meeting begins in Montego Bay, Jamaica and runs through July 8.

Economic Reports/Events –

· Nothing significant to report.

Asia

Political/Social Events –

· The Dalai Lama is expected to reveal his succession plan via a video announcement.

· The Emperor of Japan will make an official visit to Mongolia through next Sunday.

Economic Reports/Events –

· Vietnam Balance of Trade (June)/ Foreign Direct Investment (June)/ GDP Growth Rate Q2/ Industrial Production (June)/ Inflation Rate (June)/ Retail Sales (June)/ Tourist Arrivals (June)

· Japan Foreign Exchange Reserves (June)

Europe

Political/Social Events –

· The Africa Spain Summit begins and runs through July 8 in Madrid. Government representatives from Guinea-Bissau, Somalia, Morocco and Sierra Leone will attend.

Economic Reports/Events –

· Nothing significant to report.

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Africa

Political/Social Events –

· Today is National Day in Comoros, a national holiday.

· Today is Independence Day in Malawi, a national holiday.

Economic Reports/Events –

· Nothing significant to report.

Monday, July 7, 2025

Global

· The International Seabed Authority Council meets in Kingston, Jamaica.

Americas

Political/Social Events –

· Israeli Prime Minister Benjamin Netanyahu will meet with President Trump in Washington, D.C. The two leaders are expected to discuss next step on dealing with Iran as well as the situation in Gaza. This is the third visit by Netanyahu since Trump took office in January. As this meeting takes place, US Special Envoy Steven Witkoff may be meeting in Oslo, Norway with the Iranian Foreign Minister Abbas Araghchi to discuss Iran’s nuclear development (but that meeting is yet to be confirmed).

· President Trump said on Friday the US will begin negotiations with China on a potential deal regarding TikTok. The President said “we pretty much have a deal. I think we are going to start Monday or Tuesday…”

Economic Reports/Events –

· Mexico Auto Exports (June)/ Auto Production (June)

· Chile Imports/ Exports/ Balance of Trade (June)

· Brazil Car Production (June)/ New Car Registrations (June)/ BCB Focus Market Readout

· Costa Rica Inflation Rate (June)

· USA Fed Balance Sheet (July/02)

· Colombia Inflation Rate (June)/ Monetary Policy Meeting Minutes

· El Salvador Inflation Rate (June)

Asia

Political/Social Events –

· Today is Solomon Islands Independence Day.

Economic Reports/Events –

· Japan Average Cash Earnings (May)/ Overtime Pay (May)/ Coincident Index (May)/ Leading Economic Index (May)

· Australia ANZ-Indeed Job Ads (June)

· Indonesia Foreign Exchange Reserves (June)

· Thailand Inflation Rate (June)

· Hong Kong Foreign Exchange Reserves (June)

· Chinese Foreign Exchange Reserves (June)

· Philippines Foreign Exchange Reserves (June)

Europe

Political/Social Events –

· The Eurogroup meets in Brussels. The agenda includes fiscal policy coordination, the growing international role of the euro, and Bulgaria’s engagement in the EU. The ministers will also elect a president for the next term.

· Poland will launch border controls with Germany to halt the flow of illegal migrants.

· There will be an informal meeting of EU labor ministers in Aalborg, Denmark.

· Polish President Andrzej Duga visits Prague for bilateral talks.

· German Foreign Minister Johan Wadepul will make a working visit to Prague.

· The France-Central European Countries and Ukraine Business Forum takes place in Paris, France.

· Today is the beginning of Paris Fashion Week for Haute Couture for the fall/winter season.

· Today is the Running of the Bulls, otherwise known as the annual Festival of San Fermin.

Economic Reports/Events –

· Deutsche Bundesbank President Joachim Nagel speaks on “The German economy: navigating cyclical fluctuations and boosting long-term growth” at the Ragnar Nurkse lecture in Tallinn, Estonia.

· Germany Industrial Production (May)

· Romania Retail Sales (May)

· Great Britain Halifax House Price Index (June)/ BBA Mortgage Rate (June)

· Hungary Retail Sales (May)

· France Foreign Exchange Reserves (June)

· Slovakia Retail Sales (May)

· Switzerland Foreign Exchange Reserves (June)

· Euro Area Retail Sales (May)

· Poland Foreign Exchange Reserves (June)

· Russia Foreign Exchange Reserves (June)

· Turkey Treasury Cash Balance (June)

· Ukraine Foreign Exchange Reserves (June)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Israel Tourist Arrivals (June)/ Interest Rate Decision/ Foreign Exchange Reserves (June)

· Kuwait Private Bank Lending (May)

Africa

Political/Social Events –

· Today is Heroes of Zambia Day, a national holiday honoring those who fought for the country’s independence.

· Today is Saba Day in Tanzania, a national holiday celebrating the unification of political parties seeing independence.

Economic Reports/Events –

· Egypt S&P Global PMI (June)

· South Africa Foreign Exchange Reserves (June)

Tuesday, July 8, 2025

Global

· The UN will host The AI for Good Global Summit 2025 in Geneva, Switzerland.

Americas

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· USA NFIB Business Optimism Index (June)/ Redbook (July/05)/ Consumer Inflation Expectations (June)/ Consumer Credit Change (May)/ API Crude Oil Stock Change (July/04)/ Used Car Prices (June)

· Brazil Retail Sales (May)

· Chile Inflation Rate (June)

· Argentina Industrial Production (May)

· Uruguay Interest Rate Decision

Asia

Political/Social Events –

· ASEAN Foreign Ministers will meet while also attending the East Asia Summit (which runs through Thursday) and the ASEAN Regional Forum in Kuala Lumpur, Malaysia. US Secretary of State Maco Rubio was set to attend as well as meet with his counterparts in side trips to Japan and South Korea but cancelled for focus on Middle East issues. Russian Foreign Minister Sergey Lavrov, Chinese Foreign Minister Wang Yi, and the EU High Representative Vice President Kaja Kallas are expected to attend.

Economic Reports/Events –

· Japan Current Account (May)/ Bank Lending (June)/ Eco Watchers Survey Current & Outlook (June)

· Philippines Unemployment Rate (May)/ Industrial Production (May)

· Reserve Bank of Australia Interest Rate Decision and Press Conference/Australia NAB Business Confidence (June)

· Indonesia Consumer Confidence (June)

· Taiwan Imports/ Exports/ Balance of Trade (June)/ Inflation Rate (June)

· Singapore Foreign Exchange Reserves (June)

Europe

Political/Social Events –

· The EU Economic and Financial Affairs Council meets in Brussels. Ministers will discuss the Stability and Growth Pact, the Danish Presidency work program, the Savings and Investment Union, and the Recovery and Resilience Facility.

· French President Emmanual Macron makes a head of state visit to London. Macron will be hosted by King Charles and Queen Camilla through Thursday. Macron will also address the British Parliament as part of an effort to strengthen UK-EU ties.

· EU President Ursula von der Leyen will in an exchange of views with the EP Conference of Presidents on the next Multiannual Financial Framework.

· Spanish Prime Minister Pedro Sanchez addresses parliament over Socialist party corruption scandal .

Economic Reports/Events –

· Ireland Construction PMI (June)

· Germany Imports/ Exports/ Balance of Trade (May)

· Hungary Inflation Rate (June)/ Budget Balance (June)

· France Imports/ Exports/Balance of Trade (May)/ Current Account (May)

· Greece Balance of Trade (May)

· Romania Interest Rate Decision

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Africa

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Tanzania Inflation Rate (June)

Wednesday, July 9, 2025

Global

· The UN Security Council is scheduled to hold a briefing on the Middle East, followed by consultations (Yemen).

· The OECD releases its Employment Outlook report for OECD member countries. The outlook will also include an analysis of declining fertility globally and its impact on future employment and economic growth.

Americas

Political/Social Events –

· President Trump’s 90 day pause on “reciprocal tariffs” is set to expire.

· President Trump will host the Africa-US Leaders’ Summit in Washington, D.C. The heads of state from Gabon, Guinea-Bissau, Liberia, Mauritania, and Senegal are expected to attend the conference which runs through July 11 and will focus on mutual economic opportunities and regional security.

· The 12th International Aeronautics Fair begins in Colombia.

· Today is Argentine Independence Day, a national holiday.

· Today is State Rebellion Day in Brazil.

Economic Reports/Events –

· US Federal Reserve Board Open Market Meeting Minutes

· USA MBA Mortgage Market Index (July/04)/ Wholesale Inventories (May)/ EIA Crude Oil & Gasoline Stocks Change (July/04)/

· Mexico Inflation Rate (June)

· El Salvador PPI (June)

Asia

Political/Social Events –

· Taiwan will hold live-fire military drills as part of their annual Han Kuang exercise. The drill simulates a possible attack by China and lasts for ten days and will involve thousands of reservists.

· Today is Palau Constitution Day, a national holiday.

Economic Reports/Events –

· Reserve Bank of Australia Deputy Governor Andrew Hauser gives a speech at the Australian Conference of Economists in Sydney/ RBA Chart Pack/ Building Permits (May)/ Private House Approvals (May)/ RBA Hunter Speech

· China Inflation Rate (June)/ PPI (June)

· New Zealand RBNZ Interest Rate Decision

· Indonesia Retail Sales (May)/ Car Sales (June)/ Motorbike Sales (June)

· Japan Machine Tool Orders (June)

· Malaysia Interest Rate Decision

· India M3 Money Supply (June/27)

Europe

Political/Social Events –

· Germany Chancellor Friedrich Merz greets NATO Secretary General Mark Rutte on a visit to Germany to celebrate the country’s 70th anniversary of its membership in NATO.

Economic Reports/Events –

· European Central Bank Board Member Philip R. Lane gives the keynote speech and participates in a Q&A on the monetary policy agenda at the House of the Euro in Brussels, Belgium.

· European Central Bank Board Member Luis de Guindos gives closing remarks at the Cursos de Verano CEU-El Escorial "La Economía Española: realidad y perspectivas" in El Escorial, Spain.

· Slovakia Balance of Trade (May)

· Greece Inflation Rate (June)

· Great Britain BoE Financial Stability Report

· Hungary Monetary Policy Meeting Minutes

Middle East

Political/Social Events –

· Chinese Premier Li Qiang visits will visit Egypt for bilateral talks.

Economic Reports/Events –

· Israel Consumer Confidence (June)

· Jordan GDP Growth Rate Q1

Africa

Political/Social Events –

· Indian Prime Minister Narendra Modi visits Namibia for talks on economic cooperation.

Economic Reports/Events –

· Nothing significant to report.

Thursday, July 10, 2025

Global

· The UN Security Council is scheduled to hold consultations on the United Nations Regional Centre for Preventive Diplomacy for Central Asia (UNRCCA). In the afternoon, it is scheduled to hold a briefing on ICC Sudan.

Americas

Political/Social Events –

· Today is Bahamas Independence Day, a national holiday.

Economic Reports/Events –

· Federal Reserve Board Governor Christopher J. Waller entitled “Balance Sheet” at a Conversation with Federal Reserve Governor Christopher J. Waller, hosted by the Federal Reserve Bank of Dallas and the World Affairs Council of Dallas/Fort Worth, Dallas, Texas.

· Federal Reserve Bank of San Francisco President Mary C. Daly will join MNI Connect for a virtual conversation on “The US Economic Outlook and Challenges for Policymakers.”

· St. Louis President Alberto Musalem speaks.

· Brazil Inflation Rate (June)

· USA Initial Jobless Claims (July/05)/ Continuing Jobless Claims (June/28)/ EIA Natural Gas Stocks Change (July)/Fed Balance Sheet (July/09)

· Mexico Monetary Policy Meeting Minutes

· Peru Interest Rate Decision/ Balance of Trade (May)

· Ecuador Balance of Trade (May)

Asia

Political/Social Events –

· Top military commanders from the US, South Korea, and Japan will meet in Seoul to discuss regional security issues, mostly focusing on North Korea’s nuclear weapons program..

Economic Reports/Events –

· New Zealand Visitor Arrivals (May)

· Japan Foreign Bond Investment (July/05)/ PPI (June)/ Stock Investment by Foreigners (July)

· South Korea Interest Rate Decision

· Sri Lanka Tourist Arrivals (June)

· Malaysia Unemployment Rate (May)

· Kazakhstan PPI (June)

· Thailand Consumer Confidence (June)

Europe

Political/Social Events –

· There will be an informal meeting of EU Environment Ministers in Brussels through July 11.

· The Ukraine Recovery Conference takes place in Rome through July 11. The meeting will be hosted by Italian Prime Minister Giorgia Meloni.

· EU President Ursula von der Leyen faces a European parliament no-confidence vote in latest challenge to the European Commission president, the first time since 2014 that the head of the commission has faced such a move. However, the vote will mainly be symbolic as she is expected to survive

Economic Reports/Events –

· European Central Bank Board Member Piero Cipollone gives a lecture on "Ever changing payment landscape: What will a digital euro bring?" followed by a discussion with Vice Governor Marko Pahor organized by Banka Slovenije in Ljubljana, Slovakia.

· Bank of England Deputy Governor for Financial Stability Sarah Breeden gives the Annual Chapman-Barrigan Lecture entitled “Weathering the Storm: Stability in a Changing Climate” in London.

· Germany Inflation Rate (June)

· Romania Balance of Trade (May)/ GDP Growth Rate Q1

· Slovakia Industrial Production (May)

· Turkey Industrial Production (May)/ Foreign Exchange Reserves (July/04)

· Italy Industrial Production (May)

· Slovenia Industrial Production (May)

· Greece Industrial Production (May)

· Ireland Industrial Production (May)/ Inflation Rate (June)

· Serbia Interest Rate Decision

· Ukraine Inflation Rate (June)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Israel Business Confidence (June)

· Saudi Arabia Industrial Production (May)

Africa

Political/Social Events –

· The African Union Executive Council will meet in Malabo, Equatorial Guinea through July 11.

Economic Reports/Events –

· South Africa Manufacturing Production (May)

· Egypt Inflation Rate (June)/ Core Inflation Rate (June)/ Interest Rate Decision/ Overnight Lending Rate

· Nigeria GDP Growth Rate Q1

Friday, July 11, 2025

Global

· The International Energy Agency (IEA) July Oil Markets Report is released.

Americas

Political/Social Events –

· President Trump is expected to visit Texas to see the impact of recent catastrophic flash floods.

Economic Reports/Events –

· Mexico Industrial Production (May)

· Canada Unemployment Rate (June)/ Employment Change (June)/ Participation Rate (June)/Average Hourly Wages (June)

· Brazil Business Confidence (July)

· USA WASDE Report/ Baker Hughes Total Rigs Count (July)/ Monthly Budget Statement (June)

· Paraguay Balance of Trade (June)

· Uruguay Industrial Production (May)

Asia

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· New Zealand Business NZ PMI (June)

· Singapore GDP Growth Rate Q2

· Philippines Foreign Direct Investment (April)

· Japan BoJ JGB Purchases

· Malaysia Industrial Production (May)/ Retail Sales (May)

· Kazakhstan Interest Rate Decision

· Thailand Foreign Exchange Reserves (June)

· India Foreign Exchange Reserves (July/04)

· China Vehicle Sales (June)

Europe

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· European Central Bank Board Member Piero Cipollone participates in a panel 'Integration of the Ukrainian Financial Sector into the European Internal Market' at Ukraine Recovery Conference (URC2025) in Rome, Italy.

· Germany Wholesale Prices (June)/ Current Account (May)

· Romania Inflation Rate (June)

· Great Britain GDP (May)/ Goods Trade Balance (May)/ Balance of Trade (May)/ Construction Output (May)/ Industrial Production (May)/ Manufacturing Production (May)/ NIESR Monthly GDP Tracker (June)

· France Inflation Rate (June)/ IEA Oil Market Report

· Slovakia Construction Output (May)

· Switzerland Consumer Confidence (June)

· Turkey Current Account (May)/ Retail Sales (May)/ Auto Production (June)/ Auto Sales (June)

· Serbia Inflation Rate (June)

· Belarus Inflation Rate (June)

· Russia Balance of Trade (May)/ Current Account Q2/ Inflation Rate (June)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Jordan Inflation Rate (June)

Africa

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Mozambique Inflation Rate (June)/ GDP Growth Rate Q1

· Angola Inflation Rate (June)

Saturday, July 12, 2025

Global

· Nothing significant to report.

Americas

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Asia

Political/Social Events –

· Today is Independence Day in Kiribati, a small island in the South Pacific which gained its independence from the UK in 1979.

Economic Reports/Events –

· China Imports/ Exports/ Balance of Trade (June)

Europe

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Africa

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Sunday, July 13, 2025

Global

· Nothing significant to report.

Americas

Political/Social Events –

· Today is the first anniversary of President Trump being shot at a rally in Pennsylvania.

Economic Reports/Events –

· Nothing significant to report.

Asia

Political/Social Events –

Economic Reports/Events –

· Nothing significant to report.

Europe

Political/Social Events –

· France celebrates Bastille Day.

· Today is Sovereignty Day in Montenegro, a national holiday.

Economic Reports/Events –

· Nothing significant to report.

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Israel Imports/ Exports/ Balance of Trade (June)

Africa

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Francis Kelly 7/3/25 Francis Kelly 7/3/25

U.S. Financial Regulatory Week Ahead

Will Congress Pass OBBBA By Independence Day? Otherwise, Washington Is Going To Be Very Quiet This Week

June 30 - July 4, 2025

It is Independence Day on Friday, and that means not much is happening this week in Washington, other than the massive, marathon wrestling match taking place in Congress to move forward with passage of The One Big Beautiful Bill Act (OBBBA). President Trump has demanded that Congressional Republican leaders get a final package to his desk by July 4th for his signature. Will they do it? It is going to be close, but as of this writing, the Senate is about to vote on their bill and send it to the House. Our view is the House will ultimately take what the Senate sends them (or face the wrath of Trump). But it will be very close.

Otherwise, it will be a very quiet week in Washington, as none of the major regulators have any important meetings or policy speeches scheduled.

Looking at what happened last week, it was a busy one for the Federal Reserve. Fed Chair Jay Powell appeared before the House Financial Services Committee and then the Senate Banking Committee. Then the Fed published the results of the annual stress tests – all the major banks passed as expected. This came on the heels of the Fed, along with the FDIC, issuing a new proposal to modify the Enhanced Supplementary Leverage Ratio Standards. Additionally, the Fed announced it will hold a conference on large bank capital requirements on July 22.

Returning to Congress for a moment, we learned that the Senate will take up the GENIUS Act, creating a market structure for the cryptocurrency market, sometime in September when they return from the August recess. And speaking of crypto: the Federal Housing Finance Agency has directed the two mortgage giants, Freddie Mac and Fannie Mae, to develop proposals to consider a borrower’s crypto holdings as part of the underwriting process, which could be quite a shift for the housing market going forward.

We hope you have a wonderful 4th of July. And to our Canadian readers, we wish you a great Canada Day on Monday, as we celebrate our respective independence and liberty. Below are the very few events we could find happening this week in Washington among the regulators:

U.S. Congressional Hearings

U.S. Senate

· There are no hearings scheduled this week in advance of the Independence Day holiday.

House of Representatives

· There are no hearings scheduled this week in advance of the Independence Day holiday.

Federal Department & Regulatory Agency Meetings & Events

Federal Reserve Board and Federal Reserve Banks

· Monday, June 30, 8:00 a.m. – Atlanta Federal Reserve Bank President Raphael Bostic speaks on the economic outlook and monetary policy before an MNI Livestreamed Connect Video Conference.

· Tuesday, July 1, 9:30 a.m. GMT - Federal Reserve Board Chair Jay Powell participates on a policy panel at the European Central Bank Forum on Central Banking 2025 in Sintra, Portugal.

· Monday, June 30, 11:00 a.m. – Chicago Federal Reserve Bank President Austan Goolsbee participates in a moderated question-and-answer session before the Aspen Ideas Festival 2025.

U.S. Treasury Department

· There are no significant events scheduled at this time.

Department of Commerce

· There are no significant events scheduled at this time.

Department of Housing and Urban Development

· There are no significant events scheduled at this time.

Securities and Exchange Commission

· Thursday, July 3, 2:00 p.m. – The SEC will hold a Closed Meeting.

Commodities Futures Trading Commission

· Wednesday, July 2, 2:45 p.m. UK time – CFTC Acting Chair Caroline D. Pham will participate in a fireside chat titled "A view from over the pond: the CFTC’s role in regulating digital assets" at City & Financial GlobalX’s City Week 2025 in London.

Federal Deposit Insurance Corporation

· There are no significant events scheduled at this time.

Office of the Comptroller of the Currency

· There are no significant events scheduled at this time.

The Consumer Financial Protection Bureau

· There are no significant events scheduled at this time.

FINRA

· There are no significant events scheduled at this time.

National Credit Union Administration

· There are no significant events scheduled at this time.

Federal Trade Commission & Department of Justice Antitrust Division

· Monday, June 30, 2:00 a.m. – The FTC holds a Listening Session on Lowering Americans’ Drug Prices Through Competition at the FTC Headquarters.

Farm Credit Administration

· There are no significant events scheduled at this time.

Farm Credit Insurance Corporation

· There are no significant events scheduled at this time.

International Monetary Fund & World Bank

· There are no significant events scheduled at this time.

North American Securities Administrators Association

· There are no significant events scheduled at this time.

Small Business Administration

· There are no significant events scheduled at this time.

Trade Associations & Think Tank Events

Trade Associations

Monday, July 30 – The Institute for International Bankers holds its 2025 Tax Conference in New York.

Think Tanks and Other Events

· There are no significant events scheduled at this time.

Please let us know if you have any questions or would like to be added to our email distribution list.

Francis Kelly 6/29/25 Francis Kelly 6/29/25

The Global Week Ahead

The BRICS Leaders’ Summit Is Held in Brazil, The Quad Foreign Ministers Meet in Washington, China’s Foreign Minister Travels to the EU, and the ECB Holds the European Central Bank Forum

June 29 - July 6, 2025

This coming Sunday, Brazilian President Luiz Inácio Lula da Silva (Lula) hosts the 17th BRICS Leaders’ Summit in Rio de Janeiro. The meeting will comprise most of the leadership of original member states – Brazil, Russia, India, China, and South Africa – plus the leaders from five new members: Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. Nine other countries have been designated “partner countries,” and their leaders are likely to attend. Lula has set the theme of the Summit as “Strengthening Global South Cooperation for More Inclusive Sustainable Governance,” and he is expected to significantly address multiple challenges to Western political and economic dominance, including the dominance of the US dollar.

However, the likely outcomes of the Summit were cut down this past week when both Chinese President Xi Jinping and Russian President Vladimir Putin announced they were not attending. Xi said he had a “scheduling conflict,” and Putin is worried he could get arrested for war crimes he’s ordered in Ukraine. Not having these two at the Summit has already taken considerable energy out of the event.

Meanwhile, in Washington, US Secretary of State Marco Rubio hosts the foreign ministers of Australia, India, and Japan for a meeting of the QUAD (Quadrilateral Security Dialogue). The meeting could prove to be quite revealing about the future of relations between the US and the other QUAD members. It comes on the heels of the US canceling a meeting this coming week with the Japanese defense and foreign counterparts after senior US defense officials, led by Defense Undersecretary Elbridge Colby, demanded Japan massively boost its defense spending, much more than had been previously requested.

Colby also announced a review of the enormous joint project with Australia to build nuclear-powered submarines, a move which has angered Australian leadership.

Also in Washington this week, Congress continues to battle over President Trump’s signature legislation, the One Big Beautiful Bill Act. As of this writing, the US Senate is expected to vote late Sunday or early Monday morning on the bill. The House is looking to vote on what the Senate sends them, either late Tuesday or Wednesday, meeting President Trump’s July 4th deadline.

We would also note that Canada celebrates Canada Day on Monday, and the US celebrates Independence Day on Friday. A wonderful week to celebrate independence and liberty!

Looking at the global financial markets this week, the big event markets are looking at is the European Central Bank’s (ECB) Forum on Central Banking 2025 being held in Portugal. We think of it as the European version of the annual Jackson Hole event the Fed hosts in August. The ECB Forum will have a lot of interesting speeches and panels. Fed Chair Jay Powell will be one of the participants and speakers.

Also this week, the ECB will be releasing the minutes from their last interest rate meeting this week, too. Staying in Europe, the major economic releases there this week include the Eurozone’s, Germany’s and Italy’s CPI prints are out this week. Germany also releases factor orders this week.

In Asia, China releases its latest PMI report as well as the Caixin indicators. Japan industrial production for May is out this week, along with the Bank of Japan’s Q2 Tankan Survey.

Bringing it back to the US, the June jobs report is out Thursday after the JOLTS report is released Tuesday and the ADP report on Wednesday. Also out this week is the June ISM indices on Tuesday and international trade balance and factory orders for May on Thursday.

Below are all the other major geopolitical and geoeconomic events we are tracking this coming week:

Sunday, June 29, 2025

Global

· Nothing significant to report.

Americas

Political/Social Events –

· Chile’s ruling left-wing voters head to the polls to select their candidate for president for the upcoming November elections.

Economic Reports/Events –

· Nothing significant to report.

Asia

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Europe

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Middle East

Political/Social Events –

Nothing significant to report.

Economic Reports/Events –

· Saudi Arabia Unemployment Rate Q1/M3 Money Supply (May)/Private Lending (May)

Africa

Political/Social Events –

· Today is Seychelles Independence Day, a public holiday.

Economic Reports/Events –

· Nothing significant to report.

Monday, June 30, 2025

Global

· The UN 4th International Conference on Financing for Development begins in Sevilla, Spain and runs through July 3.

· The BRICS 34d Sherpas Meeting takes in Rio de Janeiro, Brazil through July 4 in advance of the upcoming BRICS Leaders Meeting which begins on Sunday, July 6.

· The UN Security Council is scheduled to hold a vote related to the United Nations Disengagement Observer Force (UNDOF) and also, to the Democratic Republic of the Congo sanctions. Also in the morning, the Security Council is scheduled to hold a briefing, followed by consultations, on the Middle East (regarding the Golan Heights).

· The World Trade Organization Trade and Environment Week conference begins in Geneva, Switzerland.

Americas

Political/Social Events –

· Thailand will have a trade team in Washington to negotiate a trade deal with the US.

Economic Reports/Events –

· Atlanta Federal Reserve Bank President Raphael Bostic speaks on the economic outlook and monetary policy before an MNI Livestreamed Connect Video Conference.

· Chicago Federal Reserve Bank President Austan Goolsbee participates in a moderated question-and-answer session before the Aspen Ideas Festival 2025.

· Brazil Gross Debt to GDP (May)/ Nominal Budget Balance (May)/ BCB Focus Market Readout

· Chile Copper Production (May)/ Industrial Production (May)/ Manufacturing Production (May)/ Retail Sales (May)/ Unemployment Rate (May)

· USA Chicago PMI (June)/ Dallas Fed Manufacturing Index (June)/ Quarterly Grain Stocks - Corn/ Soy/ Wheat (June)/

· Uruguay Balance of Trade (May)

· Argentina Economic Activity (April)

· Costa Rica Current Account Q1

· Mexico Fiscal Balance (May)

Asia

Political/Social Events –

· Chinese Foreign Minister Wang Yi begin a visit to Europe where he will hold bilateral meetings in Brussels with EU officials and take part in the 13th round of China-EU High-Level Strategic Dialogue, then Germany, and finally in France.

Economic Reports/Events –

· South Korea Industrial Production (May)/ Retail Sales (May)

· Japan Industrial Production (May)/ Housing Starts (May)/ Construction Orders (May)

· Australia TD-MI Inflation Gauge (June)/ Housing Credit (May)/ Private Sector Credit (May)/ Totality Dwelling Prices (June)

· New Zealand ANZ Business Confidence (June)

· China NBS General/ Non-Manufacturing/ Manufacturing PMI (June)

· Thailand Industrial Production (May)/ Current Account (May)/ Private Consumption & Investment (May)/ Retail Sales (April)

· Malaysia M3 Money Supply (May)

· Sri Lanka Inflation Rate (June)/ Unemployment Rate Q4

· India Industrial Production (May)/ Manufacturing Production (May)/Government Budget Value (May)/ Current Account Q1/ External Debt Q1

Europe

Political/Social Events –

· Russian Foreign Minister Sergei Lavrov visits Kyrgyzstan for bilateral meetings.

· The 15th City Week 2025 conference begins in London and runs through July 2. The event is organized in partnership with the UK Government, the City of London Corporation, TheCity UK, UK Finance and leading City institutions.

· The Wimbledon tennis tournament begins in London.

Economic Reports/Events –

· The European Central Bank hosts the European Central Bank Forum on Central Banking 2025 in Sintra, Portugal. There are multiple panels and speeches scheduled for the conference which runs through Wednesday.

· European Central Bank President Christine Lagarde gives the introductory speech at the opening reception of ECB Forum on Central Banking 2025 "Adapting to change: macroeconomic shifts and policy responses" in Sintra, Portugal.

· European Central Bank Board Member Luis de Guindos gives remarks at a conference organized by Instituto Atlántico de Gobierno (IADG) in Madrid, Spain.

· Germany Retail Sales (May)/ Import Prices (May)/ Baden Wuerttemberg CPI (June)/ Bavaria CPI (June)/ Brandenburg CPI (June)/ Hesse CPI (June)/ North Rhine Westphalia CPI (June)/ Saxony CPI (June)/ Inflation Rate (June)

· Great Britain Current Account Q1/ Business Investment Q1/ GDP Growth Rate Q1/ BoE Consumer Credit (May)/ Mortgage Approvals & Lending (May)/ M4 Money Supply (May)/ Net Lending to Individuals (May)

· Hungary PPI (May)

· Switzerland KOF Leading Indicators (June)

· Turkey Imports/ Exports/ Balance of Trade (May)/ Unemployment Rate (May)/ Participation Rate (May)

· Euro Area Loans to Companies & Households (May)/ M3 Money Supply (May)/ ECB Consumer Inflation Expectations (June)/ ECB Forum on Central Banking/ ECB Forum on Central Banking

· Poland Inflation Rate (June)

· Spain Current Account (April)

· Slovenia Inflation Rate (June)

· Greece PPI (May)/ Retail Sales (April)/ Total Credit (May)

· Italy Inflation Rate (June)

· Ireland Retail Sales (May)

· Serbia Balance of Trade (May)/ Industrial Production (May)/ Retail Sales (May)

· Russia M2 Money Supply (May)

Middle East

Political/Social Events –

· The Lebanese Parliament commences a new legislative session.

Economic Reports/Events –

· Israel Composite Economic Index (May)/ Manufacturing PMI (April)

Africa

Political/Social Events –

· In Abuja, Nigeria the 24th annual NOG Sub Saharan Energy Sector Conference takes place through July 3.

Economic Reports/Events –

· South Africa M3 Money Supply (May)/ Private Sector Credit (May)/ Balance of Trade (May)/ Budget Balance (May)

· Nigeria GDP Growth Rate Q1

· Egypt M2 Money Supply (May)

· Kenya Inflation Rate (June)

Tuesday, July 1, 2025

Global

· Pakistan takes the chair of the UN Security Council for the month of July.

Americas

Political/Social Events –

· US Secretary of State Marco Rubio hosts the Quad Foreign Ministers in Washington. The foreign ministers of Australia, India, and Japan will discuss mutual security issues.

· Today is Canada Day, a national holiday. Markets are closed.

· In New York City, Democratic Mayoral candidate is expected to be declared the final winner of the Democratic mayoral primary.

· Today is “Ketikoti” – Emancipation Day – in Suriname celebrating when slaver was abolished.

· Today is Territory Day in the British Virgin Islands, a national holiday.

Economic Reports/Events –

· Federal Reserve Board Chair Jay Powell participates on a policy panel at the European Central Bank Forum on Central Banking 2025 in Sintra, Portugal.

· Mexico Foreign Exchange Reserves (June)/ Business Confidence (June)/ S&P Global Manufacturing PMI (June)

· Chile IMACEC Economic Activity (May)

· USA Redbook (June/28)/S&P Global Manufacturing PMI (June)/ ISM Manufacturing PMI (June)/ JOLTs Job Openings (May)/ ISM Manufacturing Employment (June)/ ISM Manufacturing New Orders (June)/ ISM Manufacturing Prices (June)/ Construction Spending (May)/ JOLTs Job Quits (May)/ RCM/TIPP Economic Optimism Index/ Dallas Fed Services Index (June)/ API Crude Oil Stock Change (June/27)/ LMI Logistics Managers Index (June)/ LMI Logistics Managers Index (June)

· Brazil S&P Global Manufacturing PMI (June)

· Colombia Davivienda Manufacturing PMI (June)

· Uruguay Unemployment Rate (May)/ Interest Rate Decision

· Argentina Tax Revenue (June)

· Peru Inflation Rate (June)

Asia

Political/Social Events –

· Vietnam will cut the number of provinces and cities to 34 from 63, in the country's biggest reform in nearly four decades. The government is aiming to increase efficiency, cut costs and reduce the number of civil servants across government bodies as it seeks to streamline the state apparatus and boost growth.

· Today in China is Founding Day of the Chinese Communist Party.

· Today is Hong Kong Special Administrative Region Establishment Day, the anniversary marking when the UK handed the island back to China.

Economic Reports/Events –

· New Zealand NZIER Business Confidence Q2/ NZIER Capacity Utilization Q2/ Building Permits (May)/ Global Dairy Trade Price Index (July)

· Australia S&P Global Manufacturing PMI/ Commodity Prices (June)

· Japan Tankan Large Manufacturers Index Q2/ Tankan Large All Industry Capex Q2/ Tankan Large Manufacturing/ Non-Manufacturing/ Small Outlook and Index Q2/ Jibun Bank Manufacturing PMI/ Consumer Confidence (June)

· South Korea Exports/ Imports/ Balance of Trade (June)/ S&P Global Manufacturing PMI (June)

· Indonesia S&P Global Manufacturing PMI (June)/ Imports/ Exports/ Balance of Trade (May)/ Inflation Rate (June)/ Tourist Arrivals (May)

· Malaysia S&P Global Manufacturing PMI (June)

· Philippines S&P Global Manufacturing PMI (June)/ Business Confidence Q2

· Taiwan S&P Global Manufacturing PMI (June)

· Thailand S&P Global Manufacturing PMI (June)

· Vietnam S&P Global Manufacturing PMI (June)

· Singapore URA Property Index Q2/ Bank Lending (May)

· China Caixin Manufacturing PMI (June)

· India HSBC Manufacturing PMI (June)

· Kazakhstan Inflation Rate (June)

· Pakistan Inflation Rate (June)/ Wholesale Prices (June)

· Sri Lanka Current Account Q1

Europe

Political/Social Events –

· The British Parliament is expected to hold a highly contentious vote on welfare reform.

· Denmark takes up the EU presidency for the next six months.

· In Russia, a country-wide increase of energy, gas, water and heating supply prices for households.

· European Commission President Ursula von der Leyen participates in a Strategic Dialogue with the World Economic Forum and global business leaders in Brussels.

· German Chancellor Friedrich Merz receives Luxembourg's Prime Minister Luc Frieden with military honors followed by a press conference

Economic Reports/Events –

· Bank of England Governor Andrew Bailey begins a the new 3-year chair of the Financial Stability Board.

· Bank of England Executive Director for Payments Victoria Cleland gives a keynote address at City Week 2025.

· Ireland AIB Manufacturing PMI (June)

· Russia S&P Global Manufacturing PMI (June)

· Great Britain Nationwide Housing Prices (June)/ S&P Global Manufacturing PMI (June)/ Green Gilt 2053

· Hungary Balance of Trade (May)/ HALPIM Manufacturing PMI (June)

· Switzerland Retail Sales (May)/ procure.ch Manufacturing PMI (June)

· Poland S&P Global Manufacturing PMI (June)

· Turkey Istanbul Chamber of Industry Manufacturing (June)

· Spain HCOB Manufacturing PMI (June)/ New Car Sales (June)

· Italy HCOB Manufacturing PMI (June)

· France HCOB Manufacturing PMI (June)

· Germany Unemployed Persons (June)/ Unemployment Change (June)/ Unemployment Rate (June)/ HCOB Manufacturing PMI (June)

· Euro Area HCOB Manufacturing PMI (June)/ Inflation Rate (June)/ CPI Flash (June)/ ECB Forum on Central Banking

· Greece S&P Global Manufacturing PMI (June)

· Ukraine Current Account (May)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Africa

Political/Social Events –

· Today is Independence Day in Burundi, a national holiday.

· Today is Ghana Republic Day, a national holiday.

· Today is Sir Seretse Khama Day in Botswana, a national holiday.

Economic Reports/Events –

· Nigeria Stanbic IBTC Bank Nigeria PMI (June)

· South Africa ABSA Manufacturing PMI (June)/ Total New Vehicle Sales (June)

Wednesday, July 2, 2025

Global

· The OECD Green Growth and Development Forum begins in Paris. The two-day event will assess how forests and agriculture can help meet climate targets.

Americas

Political/Social Events –

· The 66th Ordinary Meeting of the Common Market Council and Summit of Presidents of Mercosur and Associated States begins in Buenos Aires, Argentina.

· Indian Prime Minister Narendara Modi begins visits to Trinidad and Tobago, Argentina, and Brazil through July 8.

Economic Reports/Events –

· Brazil IPC-Fipe Inflation (June)/ Industrial Production (May)

· USA MBA Mortgage Market Index (June/27)/ MBA Purchase Index (June/27)/ Challenger Job Cuts (June)/ ADP Employment Change (June)/ EIA Crude Oil & Gasoline Stocks Change (June/27)/ Total Vehicle Sales (June)

· Canada S&P Global Manufacturing PMI (June)

· Paraguay Inflation Rate (June)

Asia

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Australia Ai Group Industry/ Construction/ Manufacturing Index (June)/ Building Permits (May)/ Retail Sales (May)/ Private House Approvals (May)

· South Korea Inflation Rate (June)

· Philippines PPI (May)

· Thailand Business Confidence (June)

· Hong Kong Retail Sales (May)

· Singapore SIPMM Manufacturing PMI (June)

· Pakistan Balance of Trade (June)

Europe

Political/Social Events –

· The European Space Forum begins in Brussels and runs through July 3.

Economic Reports/Events –

· European Central Bank Board Member Patrick Montagner gives the keynote speech at the Frankfurt Banking Summit 2025 in Frankfurt, Germany

· Bank of England Executive Director for Financial Market Infrastructure Sasha Mills vives. Keynote speech at City Week 2025 on “The Bank of England’s Approach to Innovation in Digital Assets and Payments.”

· Romania PPI (May)/ Unemployment Rate (May)

· France Budget Balance (May)

· Spain Unemployment Change (June)/ Tourist Arrivals (May)

· Italy Unemployment Rate (May)

· Euro Area Unemployment Rate (May)

· Greece Unemployment Rate (May)

· Great Britain Treasury Gilt 2028

· Ireland Unemployment Rate (June)

· Poland Interest Rate Decision (July)

· Russia Unemployment Rate (May)/ Corporate Profits (April)/ Real Wage Growth (April)/ Retail Sales (May)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Africa

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· South Africa Inflation Expectations Q2

· Egypt Foreign Exchange Reserves (June)

Thursday, July 3, 2025

Global

· Nothing significant to report.

Americas

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Mexico Gross Fixed Investment (April)

· Canada Imports/ Exports/ Balance of Trade (May)

· USA Unemployment Rate (June)/ Average Hourly Earnings (June)/ Imports/ Exports/ Balance of Trade (May)/ Initial Jobless Claims (June/28)/ Participation Rate (June)/ S&P Global Composite & Services PMI (June)/ ISM Services PMI (June)/ ISM Services Business Activity/ Employment/ New Orders/ Prices (June)

· Brazil S&P Global Composite & Services PMI (June)

Asia

Political/Social Events –

· In Japan, The upper house election campaign in Japan will officially begin, with voters set to cast their ballots on July 20. Of the chamber's 248 seats, 125 will be up for grabs. As Prime Minister Shigeru Ishida’s Liberal Democratic Party and its junior coalition partner Komeito could not secure a majority in the lower house election last year, this election could have a major impact on the operations of the government..

Economic Reports/Events –

· Bank of Japan Member of the Policy Board Jajimie Takata will give a speech to local business leaders in Mie, Japan.

· Australia S&P Global Composite & Services PMI (June)/ Imports/ Exports/ Balance of Trade (May)

· Japan Foreign Bond Investment (June/28)/ Stock Investment by Foreigners (June/28)/ Jibun Bank Composite & Services PMI (June)

· Singapore S&P Global PMI (June)

· China Caixin Composite & Services PMI (June)

· India HSBC Composite & Services PMI (June)

· Russia S&P Global Composite & Services PMI (June)

Europe

Political/Social Events –

· Today is Independence Day in Belarus (which really isn’t independent..).

Economic Reports/Events –

· The European Central Bank publishes accounts of its last monetary policy meeting.

· Ireland AIB Services PMI (June)

· Switzerland Inflation Rate (June)

· Turkey Inflation Rate (June)/ PPI (June)/ Foreign Exchange Reserves (June/27)

· Spain HCOB Composite & Services PMI (June)

· Italy HCOB Composite & Services PMI (June)/ New Car Registrations (June)

· France HCOB Composite & Services PMI (June)/ New Car Registrations (June)

· Germany HCOB Composite & Services PMI (June)/ New Car Registrations (June)

· Euro Area HCOB Composite & Services PMI (June)

· Great Britain S&P Global Composite & Services PMI (June)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Saudi Arabia Riyad Bank PMI (June)

· United Arab Emirates S&P Global PMI (June)

· Jordan PPI (May)

Africa

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· South Africa S&P Global PMI (June)

· Kenya GDP Growth Rate Q1

Friday, July 4, 2025

Global

· The BRICS 3rd Meeting of Deputy Finance Ministers and Central Bank Deputies takes place in Rio de Janeiro, Brazil.

· The BRICS Business Forum takes place in Brasilia, Brazil through July 5.

· The UN is closed as part of the 4th of July celebration in the US.

Americas

Political/Social Events –

· Today is Independence Day in the United States, a national holiday, and financial markets are closed.

· In Cuba, the Communist Party holds a plenary session to address the island's ongoing economic crisis.

Economic Reports/Events –

· Brazil PPI (May)/ Balance of Trade (June)

· Mexico Consumer Confidence (June)

· Canada S&P Global Composite & Services PMI (June)

· Ecuador Inflation Rate (June)

· Colombia Exports (May)/ PPI (June)

Asia

Political/Social Events –

· Today is Republic Day in the Philippines, a national holiday.

Economic Reports/Events –

· South Korea Foreign Exchange Reserves (June)/ Current Account (May)

· Japan Household Spending (May)

· Hong Kong S&P Global PMI (June)/ Foreign Exchange Reserves (June)

· Philippines Inflation Rate (June)

· Indonesia Foreign Exchange Reserves (June)

· Singapore Retail Sales (May)

· Taiwan Foreign Exchange Reserves (June)

· India Bank Loan Growth (June/20)/ Deposit Growth (June/20)/ Foreign Exchange Reserves (June/27)

Europe

Political/Social Events –

The EU–Moldova Summit will be held in Chișinău, Moldova. European Council president António Costa and Ursula von der Leyen, his counterpart at the European Commission, will meet Maia Sandu, the Moldovan president. It is expected they will discuss the country’s future in the EU and its sovereignty amid Russia’s invasion of neighboring Ukraine.

· European Central Bank Board President Christine Lagarde will meet with German Federal Chancellor Friedrich Merz in Berlin, Germany.

Economic Reports/Events –

· European Central Bank Board Member Frank Elderson gives a speech at the International Monetary Fund OEDNE/World Bank Group EDS19 Constituency Meeting in Luxembourg.

· Bank of England Member of the Monetary Policy Committee Alan Taylor gives s public lecture at the London School of Economics on the natural rate of interest rates.

· Switzerland Unemployment Rate (June)/ Foreign Exchange Reserves (June)

· Germany Factory Orders (May)/ HCOB Construction PMI (June)

· Hungary Industrial Production (May)

· France Industrial Production (May)/ HCOB Construction PMI (June)

· Spain Industrial Production (May)/ Consumer Confidence (May)

· Euro Area HCOB Construction PMI (June)/ / PPI (May)

· Italy HCOB Construction PMI (June)/ Retail Sales (May)

· Great Britain New Car Sales (June)/ S&P Global Construction PMI (June)

· Slovenia Balance of Trade (May)

· Serbia PPI (June)

· Poland Foreign Exchange Reserves (June)

· Turkey Imports/ Exports/ Balance of Trade Prel (June)

· Russia Vehicle Sales (June)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Africa

Political/Social Events –

· Today is Rwanda Liberation Day, a national holiday.

Economic Reports/Events –

· South Africa Foreign Exchange Reserves (June)

Saturday, July 5, 2025

Global

· The 1st BRICS Finance Minister and Central Bank Governors Meeting will take place in Rio de Janeiro, Brazil.

Americas

Political/Social Events –

· Today is Independence Day in Venezuela (which is not independent or free…).

Economic Reports/Events –

· Nothing significant to report.

Asia

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Europe

Political/Social Events –

· The Africa-Spain Cooperation Summit begins in Madrid.

· Today is Constitution Day in Armenia, a national holiday.

· The 112th Tour de France cycling race begins.

Economic Reports/Events –

· Nothing significant to report.

Middle East

Political/Social Events –

· Today is Algeria's Independence Day, a national holiday.

Economic Reports/Events –

· Nothing significant to report.

Africa

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Sunday, July 6, 2025

Global

The 15th BRICS Leaders’ Summit begins in Rio de Janeiro, Brazil and runs through July 7. Eleven members are expected to be represented. However, neither Chinese President Xi Jinping nor Russian President Vladimir Putin are going to attend.

The OPEC+ monthly meeting will be held (virtually)

Americas

Political/Social Events –

· The 49th CARICOM (Caribbean Community) Heads of Government Meeting begins in Montego Bay, Jamaica and runs through July 8.

Economic Reports/Events –

· Nothing significant to report.

Asia

Political/Social Events –

· The Dalai Lama is expected to reveal his succession plan via a video announcement.

Economic Reports/Events –

· Vietnam Balance of Trade (June)/ Foreign Direct Investment (June)/ GDP Growth Rate Q2/ Industrial Production (June)/ Inflation Rate (June)/ Retail Sales (June)/ Tourist Arrivals (June)

Europe

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Africa

Political/Social Events –

· Today is National Day in Comoros, a national holiday.

· Today is Independence Day in Malawi, a national holiday.

Economic Reports/Events –

· Nothing significant to report.

Francis Kelly 6/27/25 Francis Kelly 6/27/25

The U.S. Financial Regulatory Week Ahead

June 23 - 27, 2025

Fed Chair Powell Testifies Before Congress, The Fed and FDIC Vote ON a Revised Leverage Ratio Proposal, and the SEC Holds A Roundtable on Executive Compensation

The Federal Reserve is going to be a beehive of activity next week. Fed Chair Jay Powell testifies before the House Financial Services Committee and then the Senate Banking Committee on monetary policy. Powell is likely to get a good share of questions about the future of bank regulation in those hearings, particularly about the Fed’s (and the FDIC’s) upcoming review and vote on Wednesday on the leverage ratio for banks. The proposal will reduce the capital buffer by up to 1.5 percent for the biggest banks.

Additionally, Fed Governors Michael Barr and Adriana Kugler will be appearing at the Kansas City Fed and then the Cleveland Fed for their annual “Fed Listens” events. Again, bank regulation is likely to be a major topic.

All this Fed action will be capped on Friday at 4:30 p.m. when the results of bank stress tests are released.

The overall future of financial regulation will also be the topic of a Brookings Institution event his week where House Financial Services Committee Chair French Hill (R-Ark) will discuss his plans for the committee policy-wise.

All this comes after a number of major legislative and regulatory moves this past week. As expected, the Senate passed the GENIUS Act, the first crypto regulatory framework bill to pass the Senate. We expect the House to pass it sometime later this summer. President Trump praised the legislation and urged the House to move quickly to hold a vote.

SEC Chair Paul Atkins, as expected, announced he was withdrawing 14 proposed rules that had been proposed by then-SEC Chair Gary Gensler. The proposed rules ranged from crypto regulation to climate disclosure to regulation and disclosure around the use of artificial intelligence.

The SEC will keep up the busy pace this week when it hosts a Roundtable on Executive Compensation – a prelude to likely new proposals scaling back executive compensation disclosure.

Finally, we would note that Elon Musk is not totally finished with Washington. The Financial Times reported this past week that users of X (Twitter) will “soon” be able to make investments or trades using the social media platform. Additionally, the company is exploring creating “X credit and X debit cards.” The FT says this is all part of Musk’s efforts to build an “everything app.” Welcome to the world of Washington financial regulation, Mr. Musk!

Below is everything we could find happening this week in Washington among the regulators:

U.S. Congressional Hearings

U.S. Senate

· Tuesday, June 24, 3:00 p.m. – The Senate Banking Committee’s Subcommittee on Digital Assets holds a hearing entitled Exploring Bipartisan Legislative Frameworks for Digital Asset Market Structure.

· Wednesday, June 25, 10:00 a.m. – The Senate Banking Committee holds a hearing entitled The Semiannual Monetary Policy Report to Congress. Federal Reserve Board Chair Jay Powell will testify.

House of Representatives

· Tuesday, June 24, 10:00 a.m. – The House Financial Services Committee holds a hearing entitled The Federal Reserve’s Semi-Annual Monetary Policy Report. Federal Reserve Board Chair Jay Powell will testify.

· Wednesday, June 25, 10:00 a.m. – The House Financial Services Committee holds a hearing entitled Reassessing Sarbanes-Oxley: The Cost of Compliance in Today’s Capital Markets.

· Thursday, June 26, 10:00 a.m. – The House Financial Services Committee’s Subcommittee on Oversight & Investigations holds a hearing entitled From Watchdog to Attack Dog: Examining the CFPB’s Chopra-era Assault on Disfavored Industries.

Federal Department & Regulatory Agency Meetings & Events

Federal Reserve Board and Federal Reserve Banks

· Sunday, June 22, 11:15 a.m. PST – San Francisco Federal Reserve Bank President Mary Daly participates in a monetary policy insights panel before the Western Economic Association International 100th Annual Conference.

· Monday, June 23, 3:00 a.m. EST/3:00 p.m. Prague Time – Federal Reserve Board Governor Christopher J. Waller gives opening remarks at the 2025 International Journal of Central Banking Conference, Prague 1, Czech Republic.

· Monday, June 23, 10:00 a.m. Prague Time – Federal Reserve Vice Chair for Supervision Michelle W. Bowman gives a speech on monetary policy and banking at the 2025 International Journal of Central Banking Conference, Prague 1, Czech Republic.

· Monday, June 23, 2:30 p.m. – The Federal Reserve Bank of New York holds a virtual discussion with business and community leaders on "the effects that labor market conditions, inflation, and interest rates have on them.” The event is being hosted by SUNY Schenectady Community College. New York Fed President John Williams will speak along with Federal Reserve Board Governor Adriana Kugler.

· Monday, June 24, 12:10 p.m. Central Time – Chicago Federal Reserve Bank President Austan Goolsbee participates in a moderated question-and-answer session before the Milwaukee Business Journal Mid-Year Outlook 2025.

· Tuesday, June 24, 8:15 a.m. Central Time – Cleveland Federal Reserve Bank President Beth Hammack speaks on monetary policy before the Barclays-CEPR Monetary Policy Forum 2025.

· Tuesday, June 24, 10:00 a.m. – Federal Reserve Board Chair Jay Powell testifies before the House Financial Services Committee.

· Tuesday, June 24, 2:00 p.m. – Boston Federal Reserve Bank President Susan Collins speaks before the “State of the Nation's Housing 2025" event hosted by the Federal Reserve Bank of Boston.

· Tuesday, June 24, 4:00 p.m. – The Federal Reserve Bank of Kansas City holds a virtual discussion on "the current state of the agricultural economy and future prospects, part of its "Fed Listens" series. Speakers will include Federal Reserve Board Governor Michael Barr and Jeff Schmid, President and CEO of the Federal Reserve Bank of Kansas City.

· Wednesday, June 25, 10:00 a.m. – Federal Reserve Board Chair Jay Powell testifies before the Senate Banking Committee.

· Wednesday, June 25, 2:00 p.m. – The Federal Reserve holds a meeting "to discuss proposed revisions to the Board's supplementary leverage ratio standards."

· Thursday, June 26 & 27 – The Federal Reserve Bank of Cleveland holds its 2025 Policy Summit, beginning at 9 a.m., with the theme "Building Strong and Sustainable Communities.” Cleveland Fed President Beth Hammack will give opening remarks. Federal Reserve Board Governor Michael Barr will speak on June 26th. Governor Lisa Cook will speak on June 27 at 9:15 a.m.

· Thursday, June 26, 8:00 a.m. – Richmond Federal Reserve Bank President Thomas Barkin speaks on the economy before the New York Association for Business Economics.

· Friday, June 27, 10:00 a.m. Basel Time – New York Federal Reserve Bank President John Williams moderates a session featuring keynote remarks from Professor Carmen Reinhart at the 24th Bank of International Settlements Annual Conference.

· Friday, June 27, 4:30 p.m. – The Federal Reserve releases the results of bank stress tests.

U.S. Treasury Department

· There are no significant events scheduled at this time.

Department of Commerce

· There are no significant events scheduled at this time.

Department of Housing and Urban Development

Securities and Exchange Commission

· Thursday, June 26, 10:00 a.m. – The SEC will hold a Closed Meeting.

· Thursday, June 26, 1:00 p.m. – The SEC hosts a Roundtable on Executive Compensation Disclosure Requirements.

Commodities Futures Trading Commission

· Monday, June 23, 7:30 p.m. UK Time – Acting Chairman Caroline D. Pham will receive an award and deliver remarks at the UK House of Lords “100 Impact Leaders” Dinner and Award.

· Thursday, June 26, 1:10 p.m. UK Time – Acting Chairman Caroline D. Pham to participate in a fireside chat at the Citi Institute Future of Finance Forum in London.

Federal Deposit Insurance Corporation

· Thursday, June 27, 10:00 a.m. – The FDIC board will meet. They are scheduled to vote on the leverage ratio proposal.

Office of the Comptroller of the Currency

· There are no significant events scheduled at this time.

The Consumer Financial Protection Bureau

· There are no significant events scheduled at this time.

FINRA

· There are no significant events scheduled at this time.

National Credit Union Administration

· There are no significant events scheduled at this time.

Federal Trade Commission & Department of Justice Antitrust Division

· There are no significant events scheduled at this time.

Farm Credit Administration

· There are no significant events scheduled at this time.

Farm Credit Insurance Corporation

· There are no significant events scheduled at this time.

International Monetary Fund & World Bank

· There are no significant events scheduled at this time.

North American Securities Administrators Association

· There are no significant events scheduled at this time.

Small Business Administration

· There are no significant events scheduled at this time.

Trade Associations & Think Tank Events

Trade Associations

· There are no significant events scheduled at this time.

Think Tanks and Other Events

· Monday, June 23, 1:30 p.m. – The Brookings Institution holds a discussion on "The House Financial Services Committee Agenda." House Financial Services Committee Chair French Hill (R-Ark) will speak.

· Tuesday, June 24, 2:00 p.m. – The Cato Institute holds a policy forum entitled “Removing Barriers to Capital Formation.”

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