Inflation: raising interest rates was never the right medicine 
If central banks don't start cutting them soon, it could actually increase inflation 
Sure, the RBA froze interest rates on Tuesday, but there's plenty of pain to come 
Will the RBA raise rates again? Unless prices surge over summer, it's looking less likely 
Why central banks are too powerful and have created our inflation crisis 
The Federal Reserve held off hiking interest rates 
As treasurer, Bill Hayden set Labor on the path to economic rationalism 
Lots of economic data and events scheduled for today, and some with high volatility risks associated.
Data and events so far:
- Japan: Markit services PMI came at 51.9 in June.
- New Zealand: ANZ commodity price index down 3.9 percent in June.
- Australia: Trade balance for the month of May came at $5.745 billion with imports up by 2 percent and exports by 4 percent. Building permits down 19.6 percent y/y in May.
- China: Caixin services PMI declined to 52 in June.
Upcoming:
- Spain: Markit services PMI to be released at 7:15 GMT.
- Italy: Markit services PMI to be released at 7:45 GMT.
- France: Markit services PMI to be released at 7:50 GMT.
- Germany: Markit services PMI to be released at 7:55 GMT.
- Eurozone: Markit services PMI to be released at 8:00 GMT.
- United Kingdom: Markit services PMI to be released at 8:30 GMT.
- United States: MBA mortgage applications report due at 11:00 GMT, followed by ADP employment report at 12:15 GMT, and Challenger jobs report at 12:30 GMT. Weekly jobless claims report will be released at 12:30 GMT, followed by ISM manufacturing PMI at 14:00 GMT, along with Factory orders 14:00 GMT. EIA will release crude oil inventory report at 14:30 GMT, and natural gas storage report at 16:00 GMT.
- Canada: Trade balance report will be released at 12:30 GMT.
- Auction: U.S. will auction 1-month bills at 15:30 GMT.
