World Bank

Canadian Prime Minister Mark Carney says sanctions against Russia have come at a cost to the United States. After the freezing of Russia's central bank reserves, he argues, countries worldwide began moving away from the American currency faster, having seen that their reserves could similarly be frozen. His comments highlight the debate over the dollar's global dominance and the consequences of using financial sanctions.

Japan's corporate services price inflation has climbed to its highest level in two years, according to a Reuters report. The rise in what companies pay for services signals persistent price pressure in the world's third-largest economy and will feed into debate over whether the Bank of Japan should raise interest rates further as it winds down decades of ultra-loose policy.

Former Bank of Canada and Bank of England governor Mark Carney told the New York Times that the world's heavy reliance on the U.S. dollar is unsustainable, arguing that the international financial system is at risk. Carney, now Canada's prime minister, has long advocated alternatives including multipolar currency arrangements and has criticized U.S. trade and monetary policy under President Trump for accelerating calls to reduce dollar dependence.

The Federal Reserve has raised interest rates again, a move being read as an acknowledgment that inflation is proving stubborn and the US economy is growing faster than expected. Commentators say policymakers are adjusting to a new environment in which price pressures persist despite earlier tightening, forcing the central bank to keep rates higher for longer than markets had anticipated.

A Bank of Israel official has said that within a year the country will be in "a whole new world," offering a sweeping forecast about the economic or technological transformation ahead. The remark, reported by The Jerusalem Post, suggests major change expected in Israel's economy over the coming twelve months.