Trade War Begins
The main actor of last week’s global markets movement was no the Fed, albeit the FOMC meeting. Trump signing on memorandum imposing tariffs on up to USD60 billion for China’s product is the takeaway driver for the tumble in last-week global markets. Indeed, he stated “This is the first of many” trade actions. China responded to Trump’s action by imposing retaliatory tariffs on 128 the U.S. products.

BI Hold Its Rate Steady
From domestic outlook, Bank Indonesia (BI) left its benchmark unchanged at 4.25% as markets estimated. BI stated that 14-month low inflation supported BI to focus on recovering rupiah.

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