Israeli finance minister urges rate cuts
Israeli Finance Minister Bezalel Smotrich called on the Bank of Israel to lower short-term interest rates, despite the bank's independence, after data showed inflation remained steady at 1.9% in May—below expectations and within the targeted range of 1% to 3%. This comes amid expectations of a 25 basis point rate cut at the upcoming central bank meeting on July 5, amid increasing pressures on households and businesses, and the implications of the war in Gaza and Iran on supplies.
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