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ECB selects 36 payment providers for digital euro pilot

The European Central Bank (ECB) announced it has selected 36 payment service providers (PSPs) from across the euro area to take part in the digital euro pilot. According to the ECB, the Eurosystem received more than 50 applications following a call for expression of interest launched in March 2026, reflecting strong market interest.

The pilot, which will use a beta version of the digital euro without legal tender status, will run at the ECB and 19 national central banks for 12 months starting in the second half of 2027. Selected participants include banks and non-bank providers spanning different business models, sizes and geographic coverage, the ECB said.

Some PSPs will act as distributors, giving Eurosystem staff access to beta digital euro accounts and payments, while others will serve as acquirers, enabling selected merchants to receive such payments. The ECB said the exercise aims to test the digital euro's technical functionality and operational processes and to refine the user experience.

Atalor Detects Brent-WTI Spread Inversion, Now at -$0.04

Atalor, Semavor's analytics engine, has detected an unusual inversion in the Brent-WTI oil spread. As of July 6, 2026, Brent traded at $69.56 per barrel and WTI at $69.60, producing a spread of -$0.04, compared with a historical median of +$3.5.

The Brent-WTI spread measures the price gap between the two global crude oil benchmarks, capturing differences in supply, transport costs, and quality between the Atlantic and U.S. markets. Over the past 20 days, the spread moved by -$2.19.

Atalor flagged the reading as a notable-severity event within its market monitoring series.

Fed Releases Minutes of June 16-17, 2026 FOMC Meeting

The Federal Reserve on Wednesday released the minutes of the Federal Open Market Committee (FOMC) meeting held June 16-17, 2026. According to the Fed, minutes are typically published three weeks after each policy decision.

The central bank noted that the descriptions of economic and financial conditions contained in the minutes are based solely on information available to the Committee at the time of the meeting. The full minutes are available on the Board's website in HTML and PDF formats.

Fed Announces Leadership of Task Forces on Monetary Policy

The Federal Reserve announced the leadership and objectives of several internal task forces created to advance the conduct of monetary policy. According to the central bank, these groups are part of its ongoing efforts to review and refine its monetary policy practices.

The announcement, released Thursday for publication at 3:00 p.m. EDT, does not include additional figures or specific timelines beyond outlining the structure and its leaders, the Federal Reserve said.

US business applications rise 1.1% in June, Census Bureau says

The U.S. Census Bureau reported that total business applications in the country reached 531,423 in June 2026, up 1.1% from May 2026. The revised figure for May showed a 3.7% increase compared with the prior month.

According to the statistical agency, these figures are part of its Business Formation Statistics, which track monthly new business applications across the United States.

US Wholesale Sales Rise 3.4% in May, Census Bureau Says

U.S. merchant wholesalers' sales reached $817.4 billion in May 2026, up 3.4% from the previous month, the Census Bureau reported.

End-of-month inventories stood at $941.8 billion, rising 0.1% from April, when the revised change was 0.7%.

The agency noted a margin of error of +/- 0.5 percentage points for sales and +/- 0.2 percentage points for inventories.

U.S. Trade Deficit Rises 42.2% in May, Census Bureau Says

The U.S. international trade deficit in goods and services rose to $77.6 billion in May, up from a revised $54.6 billion in April, the Census Bureau reported. The increase, a 42.2% change, was driven by a decrease in exports and an increase in imports.

The Census Bureau noted that the April figure was revised with a -3.6% change. The agency did not provide further detail on the specific categories of goods or services behind the shift.

U.S. trade deficit surges to $77.6 billion in May

The U.S. goods and services trade deficit jumped to $77.6 billion in May, up $23.0 billion from April, the Census Bureau and the Bureau of Economic Analysis (BEA) reported jointly. Exports fell to $317.7 billion while imports climbed to $395.3 billion.

According to the release, the widening deficit reflected a $23.6 billion increase in the goods deficit, to $106.5 billion, alongside a modest $0.6 billion rise in the services surplus, to $28.9 billion. Year-to-date, the overall deficit is down 40.6% from the same period in 2025, driven by an 11.7% increase in exports.

The agencies noted the sharpest bilateral shift was with Switzerland, which swung from a $4.4 billion surplus in April to a $2.3 billion deficit in May, while the deficit with Mexico grew by $5.3 billion to $20.1 billion.

US Factory Orders Drop 1.3% in May, Census Bureau Reports

New orders for manufactured goods in the United States fell $8.5 billion, or 1.3%, to $657.4 billion in May, the Census Bureau reported. The decline breaks a streak of four consecutive monthly increases.

The May figure follows a revised 5.3% rise in April, according to the statistical agency's updated data.

US Construction Spending Rises 0.1% in May, Census Bureau Says

Total construction spending in the United States reached $2,210.2 billion in May 2026, up 0.1% from the revised April 2026 figure, the U.S. Census Bureau reported. April's spending was revised upward to $2,207.1 billion, reflecting a 0.3% change from the prior month.

The agency noted that the May estimate carries a margin of error of +/-0.7 percentage points, meaning it is statistically possible that construction activity showed no change at all during the month.

ECB publishes indicative operational calendars for 2028

The European Central Bank (ECB) announced the publication of its indicative operational calendars for 2028. According to the institution, these calendars set out the expected dates related to its monetary policy operations and the functioning of the Eurosystem.

The ECB's statement does not provide specific dates or additional figures, limiting itself to confirming the availability of this operational documentation for the 2028 fiscal year.

ECB Publishes Indicative Operational Calendars for 2027

The European Central Bank published its indicative operational calendars for 2027, setting out the expected dates for the Eurosystem's main monetary policy operations. According to the ECB, these calendars are intended to help financial institutions and market participants plan ahead for their involvement in open market operations and other central bank procedures.

The release does not include interest rate figures or policy decisions, but is limited to the publication of reference dates for the upcoming operational year.

ECB Survey Shows 12-Month Inflation Expectations Fall to 3.5%

The European Central Bank released its May Consumer Expectations Survey (CES), showing that inflation expectations for the next 12 months dropped to 3.5%, down from 4.0% in April. Perceived inflation over the past 12 months held steady at 4.0%, while expectations for three and five years ahead were unchanged at 2.9% and 2.4%, respectively, the ECB said.

The survey also found that expected nominal income growth over the next 12 months rose to 1.0% from 0.8%, while expected spending growth fell to 3.8% from 4.3%. Economic growth expectations for the next 12 months improved to -1.7% from -2.2%, though the expected unemployment rate rose to 11.3% from 11.2%.

On housing and credit, expected home price growth eased to 3.6% from 3.7%, while mortgage rate expectations stayed at 4.9%. The ECB noted that the net share of households reporting tighter credit access reached its highest level since February 2024. June's CES results are due on 24 July.

US Personal Income Rises 0.7% in May, BEA Reports

U.S. personal income rose $181.6 billion (0.7% monthly) in May, the Bureau of Economic Analysis (BEA) reported. Disposable personal income increased $164.9 billion (0.7%), while personal consumption expenditures (PCE) grew $156.1 billion (0.7%), driven by a $94.3 billion rise in services spending and $61.8 billion in goods spending.

The personal saving rate stood at 3.0% of disposable income, with total savings of $704.2 billion. The PCE price index rose 0.4% from the prior month and 4.1% year-over-year; excluding food and energy, it increased 0.3% monthly and 3.4% annually.

BEA attributed the income increase mainly to higher farm proprietors' income, linked to payments under the American Relief Act of 2025, and to increased compensation, led by private wages and salaries based on Bureau of Labor Statistics data.

US GDP grows 2.1% in first quarter, BEA reports

U.S. real GDP grew at an annualized rate of 2.1% in the first quarter of 2026, according to the third estimate released today by the Bureau of Economic Analysis (BEA). The figure was revised up 0.5 percentage point from the second estimate, mainly reflecting a downward revision to imports, partly offset by a smaller downward revision to consumer spending.

The BEA said the main contributors to growth were investment, exports, government spending, and consumer spending. By industry, gains were led by information, federal government, professional and scientific services, and durable goods manufacturing, while retail trade, wholesale trade, and finance and insurance weighed on growth. Corporate profits rose $74.4 billion in the quarter.

Regionally, real GDP increased in 46 states and the District of Columbia, led by Washington state (4.5%) and with the steepest decline in South Dakota (-1.6%). Current-dollar personal income rose 3.4% at an annual rate, with North Dakota leading growth (22.4%) and Hawaii posting the sharpest drop (-23.9%), linked to a settlement payment tied to the 2023 Maui wildfires.

ECB to integrate non-financial credit claims into collateral framework

The European Central Bank announced it will integrate non-financial credit claim portfolios into its general collateral framework, phasing out the temporary measures previously in place. The move concerns the collateral assets banks can pledge in Eurosystem financing operations.

According to the ECB statement, the measure is part of the institution's ongoing review of the monetary policy collateral framework. The original release does not specify timelines or additional figures regarding implementation.

ECB reports limited progress toward euro adoption in five EU countries

The European Central Bank (ECB) released its 2026 Convergence Report, assessing progress toward euro adoption in the Czech Republic, Hungary, Poland, Romania and Sweden. According to the ECB, economic convergence has made limited progress since 2024, partly due to the impact of Russia's war against Ukraine, global trade tensions and the conflict in the Middle East.

The ECB noted that three of the five countries recorded a 12-month average inflation rate above the 2.7% reference value, particularly Romania, followed by Hungary and Poland. Fiscal conditions worsened in most countries: Hungary, Poland and Romania exceeded the 3% of GDP deficit reference value in 2025, and all three are now subject to excessive deficit procedures.

The institution also stated that none of the currencies reviewed participates in the ERM II exchange rate mechanism, and that national legislation in all five countries remains not fully compatible with the legal requirements for euro adoption.

BoJ Releases Summary of Opinions From June 15-16 Meeting

The Bank of Japan released the Summary of Opinions from its Monetary Policy Meeting held on June 15 and 16, 2026, according to the institution's official statement. The document gathers the views expressed by committee members on the country's economic and financial situation at the time of the meeting.

The release follows the Bank of Japan's standard practice of publishing internal deliberations after each monetary policy meeting.

Bank of Japan releases minutes of April 2026 policy meeting

The Bank of Japan released the minutes of its Monetary Policy Meeting held on April 27 and 28, 2026. According to the institution, the document reflects the committee's deliberations on the conduct of monetary policy during that period.

Bank of England holds interest rate at 3.75%

The Bank of England's Monetary Policy Committee voted by a majority of 7-2 to keep the Bank Rate at 3.75% at its meeting on 17 June 2026, according to the central bank's policy summary. Two members voted for a 25 basis-point increase to 4%.

The Bank said global energy prices have fallen since the previous meeting following the announcement of a Middle East peace deal, though they remain above pre-conflict levels and continue to be volatile. CPI inflation stood at 2.8% in May, unchanged from April, but is expected to rise later this year to a little above 3.25% in the fourth quarter.

The Committee noted that the labour market continues to loosen and that interest rates facing households and businesses remain higher than before the conflict, which will help lower inflation over time. It said it will keep monitoring developments in the Middle East and stands ready to act to keep inflation on track to meet the 2% target in the medium term.