before we get to our top story, let's recap bring on capitol hill for his second report to congress with the business correspondent with more details on this testimony including more details on his testimony, including clues about where interest rates are headed. he said that he and others are waiting for more evidence that inflation is heading back down to the 2% target before they can begin cutting interest rates. to be sure, that line made its way into the testimony again and there is clues the tides are changing. powers of the us economy is no longer overheated and acknowledge that the once red—hot labour market is calling. just the kinds of things that would take things away from the rate cuts. the next policy — away from the rate cuts. the next policy move _ away from the rate cuts. the next policy move would increase we do _ next policy move would increase we do not — next policy move would increase we do not take things like that of the — we do not take things like that of the table but that does not

seem — of the table but that does not seem like the likely direction that seems to be in the progress inflation and labour market — progress inflation and labour market remains strong we began to loosen — market remains strong we began to loosen policy at the right moment. to loosen policy at the right moment-— to loosen policy at the right moment. �* ., , . moment. around six cuts are exneeted _ moment. around six cuts are exneeted in _ moment. around six cuts are expected in the _ moment. around six cuts are expected in the course - moment. around six cuts are expected in the course of- moment. around six cuts are expected in the course of the ship back injanuary and expectations are now down to one or two before the year is out. if one or two before the year is out. ., ., , one or two before the year is out. _ ., out. if he loosen policy to late or too _ out. if he loosen policy to late or too little, - out. if he loosen policy to late or too little, we - out. if he loosen policy to late or too little, we can i late or too little, we can economic activity of loosen policy _ economic activity of loosen policy too much or too soon undermine progress on inflation are very— undermine progress on inflation are very much bouncing this to risks_ are very much bouncing this to risks and — are very much bouncing this to risks and the essence of forward _ risks and the essence of forward thinking about these days — forward thinking about these da s. ~ ~' ., forward thinking about these days-- this - forward thinking about these days.- this is - forward thinking about these days.- this is not. forward thinking about these | days.- this is not the days. we know this is not the usual year — days. we know this is not the usual year and _ days. we know this is not the usual year and they _ days. we know this is not the usual year and they have - days. we know this is not the | usual year and they have done some political grandstanding securing word targeting trumps actions as inflationary. low inventory and the rule that would require banks to keep

more cash on hand. if two opportunities to enable cuts before the presidential election and injuly and september, there have more opportunity to appear before congress and that comes on wednesday before the house financial services committee. we're also watching the cost of borrowing in new zealand — where in a few hours, the central bank will review its key lending rate, which currently sits at 5.5 percent. the reserve bank of new zealand was the first central bank to kick off a rate hike cycle — even before the us, back in 2021. for clues on where policy makers are heading in new zealand, let's bring in market analyst tim waterer. they were in a recession late last year and it was a little bit better at .2% and still teetering on that recession line in terms of inflation, the figures i've gone down to the 4% marks of some progress there but not quite enough and so,

they are in a bit of a tight spot and was see them later today and two things are looking for is still focusing on the upside risk and how confident are they that the nontradable inflation figures will be coming down has been a thorn in the side of the inflation figures and they think they'll be moving down and the data suggests otherwise of the moment because of the world today, were looking to see any clues that we could be moving towards later in the year and towards the stage. fire year and towards the stage. are conservative _ year and towards the stage. are conservative government was elected last year, any clues as to where they may want to take things? we know new zealand is a small economy in the us also is something they'll be watching out for?

is something they'll be watchin: out for? ., h watching out for? that's right. in terms watching out for? that's right. in terms of— watching out for? that's right. in terms of the _ watching out for? that's right. in terms of the economic - in terms of the economic situation, the government is brought out some tax cuts and if you look at the effects so far, still neutral on the terms of the stage of the game i think it really is sweating it out for the time being and reps waiting for them and we have heard overnight testimony before congress and we will get the data which is the cpi figures and it's the data which is the cpi figures and its expected to move it to 3.1% from 3.3% on an annual basis and they maybe inspire hope so we could get a september cut from their potentially they could open the door for some central banks on the globe to start edging towards that. one third thousand employees will be laid off across all areas, the vacuum cleaners and hairdryers claimed that the

move is part of a global structuring, and 2019, that office has moved to singapore and they said they prompted greater uncertainty around uk offices and the value they offer to the larger brand. we're also tracking the impact on the oil industry in texas after hurricane beryl lashed the u.s gulf coast. texas is the largest u.s. oil and gas producing state, accounting for some a0 per cent of the country's oil output and 20 per cent of gas production. it appears now that production and refining infrastructure has avoided substantial damage. for more, let's bring in oil and gas expertjaniv shah from rystad energy. speaking for members on the ground, most refineries continue to operate as normal however, some refineries had to cut some rates in preparation of the weekend with some power

outages in the landfall having some refineries to to flare some refineries to to flare some units and some refineries which of underlying but not much else. presses have been edging up for the past month from the perspective but that is mostly due to the rebound strongly associated with this happening and demand and on the front in the us but also aided by the hurricane risks and due to the anticipation of the negative effects on oil and refining infrastructure, this is causing dates to soften and rising around 87 on friday on the hurricane fears and three a barrel differential wti hasn't maintained with brands softening to $8,a85 range is low now.

softening to $8,485 range is low now. ~ . �* , softening to $8,485 range is low now. ~ ., �* , ., low now. what's the main thing to understand _ low now. what's the main thing to understand about _ low now. what's the main thing to understand about the - to understand about the vulnerabilities about the gulf of mexico when it comes to oil and gas? of mexico when it comes to oil and as? , ., ~ and gas? the gulf of mexico combines — and gas? the gulf of mexico combines to _ and gas? the gulf of mexico combines to produce - and gas? the gulf of mexico combines to produce just . and gas? the gulf of mexico i combines to produce just under 2 million barrels a day —— barrels a day of crude oil which isjust barrels a day of crude oil which is just north of 30 million a day. but the production here supplies mostly medium quality by the gulf coast in essence you're also contributes around 9 million barrels a day of realms which around 56 or so percent of total us refinery runs and this is mostly complex and semi—complex refinery and consuming mostly heavy medium sour to produce the valuable middle distillates and a form of this but these metrics are the more important when you see the more important when you see

the travel and overall considering the relatively tight us considering the relatively tight us balance, any disruption on this can also provide upside to oil prices and supply could directly impact this but the disruption could range the prices to shortages and something else we have seen in terms of pure vulnerability is pipelines can also be impacted by hurricanes moving forward. the also be impacted by hurricanes moving forward.— moving forward. the latest on assurances — moving forward. the latest on assurances that _ moving forward. the latest on assurances that indian - assurances that indian nationals working for the russian army would be sent home. more on the highlights of the visit. sending a very clear message to western nations which had been watching the visit very closely even as it coincided with nato meeting in washington where they discussed the war in ukraine. the leaders vladimir putin called in his dearest friend while modi

called russia its old weather friend. effects of sanctions, it's one of the few countries that's continued to buy discounted russian oil. both countries now targeting $100 billion in bilateral trade by 2030. prime minister modi also took up the issue of indians fighting on the front line against ukraine. they have been instances where indian nationals were desperate for work have been paid huge sums of money on the huge pretext of finding jobs of money on the huge pretext of findingjobs in of money on the huge pretext of finding jobs in russia only being sent to the front line to fight the war in ukraine and vladimir putin promised that these indians will be identified and sent home. but as india looks to forge better ties with russia, prime minister modi knows he is walking a fine line that you will have to continue to walk if he wants both russia and the west on his side. this marks the third straight month of

decline driven by domestic demand. the economy but the indications is more work is still needed to bolster the economy. let's take a quick look at other russian

to catch up. sworn and a junior doctor talks and where is summer? sir keir starmer has addressed the commons prime minister and set the new parliament is the most diverse

and its history of the largest number of lgbt mps and delivering national renewal and rishi sunak says is a huge task ahead. . some of the story now in talks betweenjunior ahead. . some of the story now in talks between junior doctors and a nap pay and this is started and they said that they cannot commit to the 35% rise in the doctors say they hope to end the dispute but it will be reached to avoid more destruction for patients. it's been fined £300,000 because majorfailings been fined £300,000 because major failings of the papers set by science team level students back in this and unprecedented action against the exam board to get over thousand students resort recalculated. and returning to the dance floor for the shows 20th anniversary and

professionals in the later series as yet to be announced. for ten seconds of england boss boss whether, if you're missing the sun, but get this it is hard the beach weather there and people of every seen a month with the rain injuly and they're hoping that the sun comes out soon. hello and welcome to sportsday. teenage kicks, record breaker lamine yamal helps spain through to the euro final. the top seed jannick sinner is out of wimbledon, suffering with sickness in his defeat to daniil mevedev. and as james anderson

wins his final cap, england say this summer is all about winning the ashes even though they're 18 months away. welcome along, we have our first finallist at the european championship, spain maintainng their 100 percent record at the tournament beating france 2—1 in munich, but they had to come from behind, with the equaliser making history. lamine yamal, their 16 year old forward with an exquisite strike to become the youngest goalscorer at a major championship. our reporterjoe lynskey was watching the match. spain against france and the

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