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(1) Iwona Duda, a member of the Polish Monetary Policy Council, stated that the central bank will not commit in advance to any fixed policy path; the current baseline scenario is that interest rates will remain stable in the coming months. (2) Inflation has not increased significantly and remains within the target range of the National Bank of Poland. There are currently no signs indicating that the impact of oil prices is being broadly transmitted across various sectors of the economy, and the council is closely monitoring producer price inflation levels. (3) Regarding interest rate cuts, Duda said that the matter will only be discussed if the economic situation is confirmed to be sufficiently favorable. After a 25-basis-point rate cut in March 2026, the scope for further rate cuts in Poland is now very limited.

Walsh's debut was more hawkish than expected. From a results-oriented perspective, this is somewhat bearish for gold. However, since this has previously been priced in, the short-term negative impact on gold may not last. Yet, from the perspective of interest rate hike expectations, the bearish effect could be more medium-term. In addition, with the signing of the U.S.-Iran memorandum of understanding, market attention may shift to the navigation issues of the Strait of Hormuz and crude oil prices, and then to forecasts regarding the future path of interest rates. Overall, gold may continue to fluctuate at low levels.

He said: "In the short term, considering the demand for labor, materials, and energy, the investment cycle may trigger inflation." He stated that, in the long run, a more credible view is that technology could lead to a slowdown in inflation. Therefore, Flax said that, for now, keeping interest rates unchanged is less about indecision and more about recognizing that the policy framework is already at a fairly restrictive level. "The threshold for rate cuts remains very high. Unless we see a more pronounced slowdown in economic activity or a more convincing decline in inflation, the Federal Reserve is likely to remain on hold for some time."

Indonesian Minister of Energy: Indonesia Plans to Launch B50 Biodiesel Project on July 1, 2026

(1) Since India announced on June 5 the removal of bond investment taxes for foreign investors and relaxed ownership restrictions, while also launching a series of measures to help stabilize the rupee exchange rate, global capital has been pouring into Indian government bonds. Following the reform, the overseas inflow into bonds meeting index inclusion criteria increased by 322.8 billion rupees (approximately $3.4 billion). However, part of this growth is also due to the addition of more bonds in this category. (2) Institutions such as Pictet Asset Management and Neuberger Berman are seeking to increase their exposure, and M&G Investments has also turned more optimistic after these measures were introduced. The head of Asian fixed income at M&G in Singapore stated that the differentiation between India and other emerging bond markets has become more evident; the latter's policy flexibility and credibility are more constrained. (3) Deloitte India stated that the tax incentives could boost foreign investor returns by 15%–20%. The Reserve Bank of India provides hedging cost subsidies for non-resident deposits and corporate external borrowings; these measures have helped the rupee rebound 2.5% from its historic low. Some investors said that while the medium and long-term outlook is positive, tensions in the Middle East currently remain an obstacle, though buying opportunities may arise in the coming months.

Golden Ten Data reported on June 18 that remarks made by Federal Reserve Chair Walsh at his first press conference sparked market speculation about interest rate hikes. Subsequently, LME copper prices fell by more than 1%, erasing the gains from the previous week. Walsh repeatedly emphasized the Federal Reserve’s firm commitment to fighting inflation, leading futures traders to increase their bets on a possible rate hike as early as next month. For the metals market, this shift suppressed the earlier bullish sentiment seen this week—previously, the agreement between the United States and Iran to sign a temporary peace deal had boosted market risk appetite. The market believes that if the Federal Reserve adopts a more hawkish stance, it could dampen global economic growth and metals demand.