[5 books this morning] Selected news to read before starting work

According to the New York Times, US President Biden divulged to his aides that if public opinion cannot be moved in the near future, he may be forced to abandon re-election. The White House and the Biden campaign immediately denied the contents of this report. However, in response to reports, the pressure on Mr. Biden to decline as a candidate intensified all at once. Democratic Party'sDozens of members of parliamentis considering signing a letter requesting President Biden to withdraw from the presidential election. Party executives made it clear. Mr. Biden is scheduled to meet this night with the Democratic Party governors who were set up in a hurry.

Of UkraineZelenskyThe President called on Trump to immediately reveal plans to quickly end the war with Russia. He stabbed the nail that any proposals must not infringe on Ukraine's sovereignty. Zelensky said in an interview, “If Mr. Trump knows how to end this war, he should tell us right away.” Mr. Trump has boasted that he could end the war by the time he takes office as president in January next year.

US Federal Open Market Committee (FOMCAt the meeting held by) in June, recognition was expressed that they would like to wait for further evidence showing that inflation has cooled down. Opinions were divided over how long to maintain high interest rates. According to the summary of proceedings, “some” officials emphasized the need to be patient, but “some” emphasized that if the labor market weakens further, there is a possibility that the unemployment rate will rise by that amount. Although there are signs of gradual progress in controlling inflation, some people have maintained an attitude of not resigning from raising interest rates if the inflation rate remains high.

Of the New York Federal ReserveWilliamsThe president refuted recent comments that the natural interest rate (neutral interest rate) called “r* (R star)” has risen since the novel coronavirus pandemic (global pandemic). Citing recent estimates that the R Star of the United States and the Eurozone is close to the level before the COVID-19 pandemic, he said, “Although short-term fluctuations can be seen in the two estimates, it is a common characteristic that the R Star has continued to decline by 2 points over the past 30 years.” Since there are issues with measuring neutral interest rates, it was also stated that the authorities should not rely on R Star estimates when deciding monetary policy.

Marco, the chief market strategist at the Bank of America JPMorgan Chase and co-head of the global research departmentKolanovićMr. is leaving the company. According to internal documents, chief equity strategist Dubravko Lakos Buhas will become the chief market strategist, and Hussein Malik will be the single person in charge of the global research department. For the past two years, Mr. Kolanovic's forecast for the US stock market has been sluggish. The S&P 500 stock price index fell 19% in 2022, but he remained bullish for the most part. After that, it turned bearish when the market bottomed out, and missed the 24% rise in the S&P 500 last year and the 14% rise in the first half of this year.