Fed Holds Rates Steady as China Car Sales Plummet
The Federal Reserve has maintained its target range for the federal funds rate at 3.5% to 3.75%, marking the fifth consecutive time this year that the Fed has kept rates unchanged, according to a recent announcement.
In other economic news, data released by the China Passenger Car Association shows that national retail sales of passenger cars totaled 1.123 million units from July 1 to 26, down 18% year-on-year and 13% compared to the same period last month, with cumulative retail sales for the year reaching 9.824 million units, a year-on-year decline of 20%.
The agricultural products market has also seen some movement, with analysts estimating that US net export sales of soybean meal for the week ending July 23 ranged between 200,000 and 600,000 tonnes, while Brazil's National Supply Company reported that as of July 24, the harvest progress for Brazil's 2025/26 first-crop corn stood at 99.0%.