The Federal Reserve kept benchmark interest rates unchanged, with new Chair Kevin Warsh signaling a possible rate hike due to inflation. Consumer prices rose 4.2% year-over-year in May, driven by energy costs from the U.S. war with Iran. Despite this, core inflation remains moderate, and the job market shows signs of improvement.
The real effective ruble rate, adjusted for inflation against key partner currencies, rose by 4.8% in May 2026 compared to the previous month, according to the Central Bank. The rate has increased by 6.8% year-to-date.
Albury City Council is considering a 40-42% rate increase over two to three years to tackle an $18 million debt. Councillors are seeking community feedback on the proposal, which could be one of the largest special rate variations in NSW, while residents express concerns about affordability.
Gold futures dropped to a six-month low of $4,046.20 on Thursday, down 6.3% this week, as inflation concerns and a strong jobs report fuel expectations of a Federal Reserve rate hike or steady rates, making dollar-denominated assets more attractive.
