The US Secretary of State Antony Blinken will meet with Armenian Foreign Minister Ararat Mirzoyan, Azerbaijani Foreign Minister Jeyhun Bayramov, and Armenian Foreign Minister Ararat Mirzoyan on July 10, as agreed in Washington.

This announcement was made by Ani Badalyan, spokesperson for the Armenian Foreign Ministry.

The trilateral meeting between the Foreign Ministers of Armenia and Azerbaijan and the U.S. Secretary of State has begun in Washington.

In Washington, the trilateral meeting between the foreign ministers of Armenia and Azerbaijan, and the U.S. Secretary of State has concluded. This was reported on social media by Ani Badalyan, the press secretary of the Armenian foreign ministry.

"The trilateral meeting between the Minister of Foreign Affairs of Armenia, Ararat Mirzoyan, the Minister of Foreign Affairs of Azerbaijan, Jeyhun Bayramov, and the U.S. Secretary of State, Antony Blinken, has concluded in Washington," she wrote.

The parties noted the progress achieved by Armenia and Azerbaijan regarding the signing of a historic peace agreement and the establishment of interstate relations. Yerevan and Baku agreed to continue working in this direction.

It should be noted that Ararat Mirzoyan and Jeyhun Bayramov were previously invited to the NATO summit. It later became known that negotiations between the ministers of Armenia and Azerbaijan would take place with the mediation of the American side.

🌍🇷🇺 The Ministry of Industry and Trade plans to introduce a logistics subsidy for exports to Africa, as stated by State Secretary Roman Chekushov. Earlier, he also promoted the creation of Russian ports in African countries.

▪️ The logistics subsidy will allow the state to reimburse domestic companies for the costs of export transportation and product delivery. And 30% of the entire budget for it will be allocated to the timber industry.

❗️ Despite the relatively small amount of subsidies of 17.7 billion rubles, in this example we see how the government is step by step stimulating the economic sector to work on the African continent in order to consolidate diplomatic and military successes.

In the future, we can expect an increase in such projects, which are designed to create favorable conditions for entrepreneurs to cooperate with African partners. This gives hope that our companies will replace Western ones at least there, where our successes are obvious.
#Africa #Russia
@rybar

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Rate cuts... Not so Bullish

Will a coming Fed rate cut send everything surging? Some think so, while others believe it will just do the opposite. Kevin Muir (TheMacroTourist) put out a great piece a couple weeks ago why he thinks the first rate cut will not be as fantastic as investors would like to think.

To see why, it's important to review what made this hiking cycle different (and, importantly, less effective) than ones before it:

The private sector had taken advantage of the extraordinarily low interest rates in the wake of the COVID crisis to fix the rate of their borrowings. Whether it was homeowners locking in 30-year record-low mortgage rates or corporate treasurers extending their maturities, the private sector became less sensitive to interest rate rises.

The same can’t be said about the government. Sporting the largest debt-to-GDP levels since WWII, higher interest rates created unprecedented non-recessionary deficits (the cost of borrowing increased). The government’s deficit is the private sector’s credit, so all that money found its way back into the economy.

Given this handicap, the Fed raised rates higher than would have otherwise been the case. Imagine a world where US homeowners had floating-rate mortgages — the economic pain would have dug in way before the Federal Reserve raised rates to 5%. Or how about if the government reduced spending (or raised taxes) when the deficit expanded due to the higher interest rates? In previous cycles, it’s taken a lot less interest rate rises to slow the economy.

Now, we go to the more controversial part of this theory; how interest rate hikes can be stimulative. As rates rise, the government’s deficit increases (they are paying more to borrow). Although it seems counterintuitive, that deficit is economically beneficial — whether it goes towards interest expense or not doesn't matter.

There are two ways money can be created; the private sector can make a loan (when you borrow to buy a car, the bank creates money through the process of issuing the loan) or the government can spend the money into existence. This second method is what’s happening when the government runs a deficit. They are creating money. When the deficit rises (the reason doesn't matter), they are creating more money.

The deficit is someone’s credit. In this case, the owners of the government debt are receiving more interest. Who owns the government debt? It’s a wide variety of different players, but ultimately, it’s those with capital. Pensions, life insurers, large investors, etc.

Ironically, the Federal Reserve raising interest rates creates a dynamic where the owners of capital are paid more on that capital, and have more money to bid up other forms of financial assets. I believe this is part of the reason for the mini-bubble in various U.S. markets: there is more money available to chase speculative assets like crypto and rising assets like Nvidia/A.I.

Think about it logically: what effect would slashing rates have on that same dynamic?

So don’t assume that a rate cut will mean Nvidia, Bitcoin, and other winners will find a second wind. They were going up largely because of the higher interest rates, not in spite of them.

Not to mention that recessions are, well, not good for *anything*.

https://posts.themacrotourist.com/p/lower-interest-rates-will-not-mean

🇷🇺🇷🇸⚡- Russian President, Vladimir Putin, gave a Serbian volunteer, Aleksandar Jokic, Russian citizenship. Jokic fought in Mariopul and Ugledar. He was also awarded the Cross of St. George.

🇺🇸🗞 - Biden, during press conference when asked about cognitive tests: I'm going to put China and Japan back together.