The Bank of Russia unexpectedly maintained its key interest rate at a record-high 21% , defying analysts’ expectations of another significant hike as inflation remains stubbornly elevated. The decision marks a shift toward a more measured approach in balancing economic growth and price stability. Key Details Inflation Concerns: Annual inflation climbed to 8.9% in November, well above the central bank’s 4% target , with inflation expectations reaching 13.9% in December. Policy Rationale: The central bank cited the significant tightening of monetary conditions after October’s 200-basis point hike as sufficient to resume disinflationary processes. Governor Elvira Nabiullina emphasized avoiding both economic overheating and severe slowdowns. Economic Overheating: Elevated government spending on the war in Ukraine and social programs, coupled with labor shortages and rising wages, have fueled strong domestic demand, exacerbating price pressures...
Republican vice-presidential candidate JD Vance stated that Donald Trump would keep the US in NATO if reelected, but emphasized that the alliance must not become “just a welfare client.”
In an interview on NBC's Meet the Press, Vance affirmed that Trump supports a strong NATO, but believes that European allies need to contribute more to the defense burden. "Donald Trump wants NATO to be strong. He wants us to remain in NATO,” Vance said, adding that the expectation is for NATO countries to carry their fair share.
During his presidency, Trump consistently pressed European NATO members, particularly Germany, to increase their defense spending. Vance reiterated that Germany, as Europe's largest economy, needs to contribute more to security and defense within the alliance. He singled out the UK and a few other nations as the primary contributors alongside the US, underscoring the need for Germany to do more.
When asked about Russian President Vladimir Putin, Vance stopped short of calling him an enemy, instead labeling him an adversary and a competitor, noting that Putin’s cooperation may be necessary to eventually resolve the war in Ukraine. Vance also identified China as the biggest threat to the US.
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