Inflation's second act, filed as a rate-decision preview

The IMF's July update reports global disinflation has stalled, projecting headline inflation rising from 4.1% in 2025 to 4.7% in 2026 against global growth of 3.0%, and describes an economy split in two: AI-integrated economies and commodity exporters on one side, energy importers and fragile states on the other. New US tariffs of 10–25% on goods from major trading partners are being cited as a live upward risk into autumn. *The IMF drew a line across the world and named which side each country ...