Good morning, macro enthusiasts. Here's your daily roundup covering the United States, Europe, and key emerging markets. We cut through the noise to deliver the essential facts, key surprises, and meaningful context from each region in one place.

🇺🇸 The Fed wants fewer meetings just as its committee splits three ways

The Fed's July minutes, released August 19, showed a 9-3 vote to hold rates at 3.50%-3.75%. Three regional presidents dissented for a hike, and Chair Kevin Warsh used the same document to float cutting FOMC meetings from eight a year to six.

🇺🇸 The Fed wants fewer meetings just as its committee splits three ways
The Fed's July minutes, released August 19, showed a 9-3 vote to hold rates at 3.50%-3.75%. Three regional presidents dissented for a hike, and Chair Kevin Warsh used the same document to float cutting FOMC meetings from eight a year to six.
Macro Soup

🇪🇺 Eurozone inflation hits 2.9% and starts testing the ECB's pause

Eurozone consumer prices rose to 2.9% in July, above the ECB's 2% target for a fourth straight month, as German producer prices and labor costs suggest the Middle East energy shock is spreading into core inflation and complicating the central bank's next move.

🇪🇺 Eurozone inflation hits 2.9% and starts testing the ECB's pause
Eurozone consumer prices rose to 2.9% in July, above the ECB's 2% target for a fourth straight month, as German producer prices and labor costs suggest the Middle East energy shock is spreading into core inflation and complicating the central bank's next move.
Macro Soup

🇬🇧 UK inflation jumps on an energy shock the Bank of England can see through

UK headline inflation jumped to 2.9% in July as a 13% energy price cap increase drove gas inflation to 14.7%. Core inflation held flat at 2.6%, and the Bank of England's rate-setters split 6-3, with three of nine now pushing for a hike.

🇬🇧 UK inflation jumps on an energy shock the Bank of England can see through
UK headline inflation jumped to 2.9% in July as a 13% energy price cap increase drove gas inflation to 14.7%. Core inflation held flat at 2.6%, and the Bank of England's rate-setters split 6-3, with three of nine now pushing for a hike.
Macro Soup

🌏 India's core sector is cooling, and that's exactly why some EM central banks can sit still

India's Eight Core Industries index slowed to 5.4% year-on-year growth in July from 6.0% in June, while Hong Kong's CPI eased to 1.7%. The split shows which emerging-market central banks are still holding double-digit real rates, and which are already at ease.

🌏 India's core sector is cooling, and that's exactly why some EM central banks can sit still
India's Eight Core Industries index slowed to 5.4% year-on-year growth in July from 6.0% in June, while Hong Kong's CPI eased to 1.7%. The split shows which emerging-market central banks are still holding double-digit real rates, and which are already at ease.
Macro Soup

🇨🇳 China holds rates steady even as new loans unexpectedly contract by ¥340bn

China's central bank held benchmark lending rates unchanged for a 15th straight month even as new bank loans unexpectedly contracted by 340bn yuan in July, only the third negative print this century, with household and corporate borrowing shrinking despite multi-decade-low rates.

🇨🇳 China holds rates steady even as new loans unexpectedly contract by ¥340bn
China's central bank held benchmark lending rates unchanged for a 15th straight month even as new bank loans unexpectedly contracted by 340bn yuan in July, only the third negative print this century, with household and corporate borrowing shrinking despite multi-decade-low rates.
Macro Soup

That's your daily macro roundup. For more detailed regional deep dives, check out our weekly editions. If you found this useful, feel free to forward it along. More signal, less noise, as ever. Cheers.