- Volatility in the FX market as Warsh refusal to offer forward guidance triggered steepening of the UST yield curve, while a rare joint US-Japan FX intervention steadied the Yen.
- Indonesia Q2-26 GDP growth is expected at 5.12%, supported by an investment surge channelled through state-owned banks and Danantara rather than direct government spending.
- We maintain our full year 2026 GDP growth at 5.0%-5.2%, with risks tilted downside should global liquidity tighten further.
