Federal Reserve — FOMC Keeps the Federal Funds Target Range Unchanged
Federal Reserve | FOMC statement | July 29, 2026
The FOMC maintained the federal funds target range at 3.50–3.75% by a 9–3 vote. Beth Hammack, Neel Kashkari and Lorie Logan preferred a 25-basis-point increase, while the statement described activity as solid and inflation as elevated relative to the 2% goal, partly because of energy supply shocks. The split vote makes inflation credibility, long-term yields and data dependence central to the next meeting.
Reuters — South Korea Stock Rout Breaks Records as SK Hynix Earnings Disappoint
Reuters | Asian equity markets | July 29, 2026
World Economic Forum — Climate Resilience Can Help Cities and Businesses Grow
World Economic Forum | Urban resilience analysis | July 28, 2026
Climate resilience is becoming a location factor for capital, supply chains and skilled workers. Research covering 1,500 cities finds that protective infrastructure, water systems, cooling, liveability and public-private finance can improve business attractiveness; 45% of surveyed CEOs are considering supply-chain reconfiguration. Adaptation spending increasingly functions as competitiveness policy.
Branko Milanovic on What Comes After Globalization
Bloomberg Odd Lots (Joe Weisenthal, Tracy Alloway) | Podcast, ~61 min | 27 July 2026
Milanovic supplies the missing label for the current era. Globalisation has visibly fallen out of favour, but naming what replaces it has proved harder; his term is “national market liberalism” — market mechanisms retained, but organised around national rather than global objectives. The conversation draws on his new book on the United States, China and the remaking of the world economic order, and pairs directly with the two VoxEU columns above (items 13 and 14) on what institutional form a fragmented order might take.
IEA — Affordable Electricity Is Essential for the EU’s Electrification Goals
International Energy Agency | Commentary | July 23, 2026
The IEA finds that coordinated action on low-cost generation, grids, flexibility, nuclear lifetime extensions and energy taxation could materially lower EU electricity prices by 2030. Without such measures, consumer prices could be more than 40% higher than today in its counterfactual. The structural point is that electrification depends as much on system design and tax incentives as on adding renewable capacity.
VoxEU — Resilience Is a Network Property: Europe’s Integration Test for 2050
CEPR / VoxEU | Policy column | July 23, 2026
The column argues that resilience depends on the depth, diversity and quality of economic connections rather than the number of links severed in pursuit of self-sufficiency. For Europe, the implication is deeper capital markets, diversified supply chains and differentiated integration with strategic neighbors. De-risking should mean rewiring concentrated exposure, not retreating into costly autarky.