BRICS Summit: A Challenge to Western Economic Dominance.

Russian President Vladimir Putin is seeking to diminish the influence of the US dollar, as demonstrated by the BRICS Summit in Kazan City. The summit, which includes Brazil, Russia, India, China, and South Africa (and potentially other countries like Egypt, Ethiopia, Iran, and the United Arab Emirates), aims to enhance the global economic standing of these countries. It is anticipated that the BRICS share of global GDP will reach 37% by the end of the decade, while the Group of Seven major Western economies will account for approximately 28%. Russia is also seeking to create an alternative platform for international payments that is "immune" to Western sanctions, with the goal of rivaling SWIFT, the Western financial network. This move follows the decision by SWIFT to cut ties with Russian banks in 2022, due to the ongoing conflict between Russia and Ukraine.

Bye Dolar, Putin CS Siap Deklarasikan 'Senjata Pemusnah' Greenback

Fed Hawks vs. Doves: Rate Cut Debate Heats Up.

Four members of the Federal Reserve (Fed) in the United States have indicated their support for additional interest rate reductions. However, there is a divergence of opinion among them regarding the speed and extent of these cuts. Three of the officials recommend a gradual approach to rate cuts, citing the strength of the economy and uncertain outlook. By contrast, San Francisco Fed President Mary Daly believes that current Fed policy is too restrictive and that a robust economy, provided inflation remains on a downward trajectory, should not preclude the central bank from lowering rates further. These differing opinions provide insight into the upcoming debate at the Federal Reserve's policy meeting on November 6-7. Following the communications blackout that will commence on October 25, US central bankers will refrain from publicly commenting on their monetary policy views until the policy decision is announced on November 7. Despite supporting the removal of monetary policy restrictions, Kansas City Fed President Jeffrey Schmit has indicated that he is not in favor of their complete removal.

Beda Pendapat Pejabat The Fed Soal Kelanjutan Pemangkasan Suku Bunga Acuan

Rising Bond Yields and Stronger Dollar Drag Global Markets Down.

Global stock markets experienced a decline on Tuesday, driven by rising bond yields and the US dollar approaching multi-month highs. This adjustment resulted from a change in investor expectations regarding the likelihood of US interest rate cuts in the period leading up to the general election. However, European software company SAP saw its shares rise to a record high following an increase in its projected annual target. The MSCI All-World Index saw a 0.2% decline, while US futures indicated a weaker start after earlier declines in the benchmark index. The strength shown in US economic data has prompted questions about the Federal Reserve's policy. According to CME's FedWatch tool, the likelihood of cutting interest rates by a quarter point at the November 7 meeting has decreased from almost certain to 87%. Furthermore, the approaching US general election is contributing to an atmosphere of uncertainty, with a tight race between former President Donald Trump and Vice President Kamala Harris leading to a strengthening of the dollar. In summary, the stock market is currently experiencing uncertainty and volatility due to shifting expectations and geopolitical factors.

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