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[Quick Facts]

1. Makhlouf: No decision has been made on rate hikes beyond July.

2. "Wagner incident" raises Western concerns about Russia's nuclear weapons control.

3. Guindos: Europe is entering the final stretch of its tightening cycle.

4. Putin: Facing internal betrayal, the Russian government will take necessary actions to protect the country.

5. EU passes the 11th round of sanctions against Russia.

[News Details]

Makhlouf: No decision has been made on rate hikes beyond July

European Central Bank Governing Council member Gabriel Makhlouf said on Saturday that while some colleagues believe further interest rate hikes will be needed beyond July, he is prepared to wait and look at the evidence. "On the evidence we have at the moment, it does look like there will be another 25 basis points of interest rate hikes in July. Some of my colleagues do think we may need to raise rates further in the fall. I'm going to look at the evidence, and I do think we're near the top of the ladder. Some others may feel we're further down, but we'll see," Makhlouf said in an interview with the Irish Independent.

"Wagner incident" raises Western concerns about Russia's nuclear weapons control

A brief "mutiny" in Russia by the Wagner Group mercenary force over the weekend has raised Western concerns that Russian President Vladimir Putin's authority over Russia's nuclear arsenal could be disturbed. With nearly 4,500 weapons in Russia's nuclear arsenal, the risk of even the slightest loss of command and control could pose a significant threat to the West. Some former U.S. officials said it is unclear how effectively the security forces protecting Russia's nuclear weapons arsenal will respond if it is tested, given that Russian conventional forces and a command headquarters stood by in Rostov-on-Don for the past two days, allowing Wagner forces to take over control. The United States "still has long-established channels of communication with Russia on nuclear issues," said a U.S. National Security Council official on Saturday.

Guindos: Europe is entering the final stretch of its tightening cycle

The European Central Bank is "entering the final stretch of its tightening cycle," said ECB Vice President Luis de Guindos. When exactly to suspend a series of interest rate hikes "will depend on the data," he said in an interview. "What happens with core inflation is very important." He also said that monetary policy put in place by the ECB and base effects will help decelerate core inflation, and it is important to "watch the second round of effects: everything that has to do with salary increases and the evolution of unit labor costs." If the second-round effect scenario gets complicated, "monetary policy will have to act with more strength." Fiscal policy must also play a role in reducing inflation.

Putin: Facing internal betrayal, the Russian government will take necessary actions to protect the country

Russian President Vladimir Putin made a televised speech on June 24. In his speech, he stressed that excessive ambition and personal interests have led to treason, and the country and people had been "betrayed by those who are trying to organize a mutiny." The Russian government will take "necessary orders" to protect the people and the country from any threat, including internal betrayal. Our external enemies can and do use all disputes to destroy us internally, Putin said. Therefore, any actions that split our nation are essentially a betrayal of our people, of our comrades-in-arms who are now fighting at the frontline. This is a knife in the back of our country and our people. We will protect our people and our country from any threat, including internal betrayal. And it is this betrayal that we are facing today.

EU passes 11th round of sanctions against Russia

The 11th round of sanctions against Russia adopted by the EU is illegal, said the Russian Foreign Ministry in a statement on June 23, local time. In response, Russia has significantly expanded the list of European institutions and EU member states that are banned from entering Russia. The Russian Foreign Ministry stressed that any unfriendly moves by Western countries will be met with a timely response from Russia. The EU officially adopted the 11th round of sanctions against Russia on the same day, including economic sanctions and restrictive measures against individuals, the EU said in a news release on June 23 local time.

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