Week InAdvance: July 25, 2022

Mon Jul 25 Sunak-Truss debate in London. | Tue Jul 26 EU energy ministers hold emergency meeting. | Wed Jul 27 FOMC rate decision and Powell news conference. | Thu Jul 28 US initial jobless claims, GDP. | Fri Jul 29 European inflation & GDP figures. Islamic New Year begins.
The Federal Reserve is expected to raise rates by 75 basis points on Wednesday for the second straight meeting. Policy makers solidified their resolve in June to keep hiking in order to prevent higher inflation from becoming entrenched.
On Thursday, the US reports the initial reading of second-quarter gross domestic product, which is tipped to eke out a small advance. First-quarter GDP fell for the first time since 2020, reflecting a jump in imports tied to solid consumer demand.
In Europe, inflation and GDP figures from across the bloc are due on Friday. Energy shortages remain the possible last straw for Europe's economy, as uncertainty over Russian gas supplies continues.

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