Emerging Markets (EM) inflation was stable in July at a much lower level than in the US. In contrast with the Fed, most EM central banks are increasing policy rates to anchor inflation expectations. Economic activity was softer than expected in China. Inflation peaked in Brazil while inflation expectations rose in India. The Mexican president said he may use the proceeds of the SRD injection by the IMF to repay sovereign debt. The Polish Parliament approved a controversial law banning foreign control of broadcasters. In Peru, Julio Velarde accepted another term as central bank governor. Malaysia eased mobility restrictions for vaccinated individuals. Colombia’s economic activity was stronger than expected. Russia’s trade surplus and the Philippines remittances had the best result for the month of June in the series. Turkey kept its policy rate unchanged and Uruguay hiked its policy rate more than expected. Zambia’s opposition candidate Hakainde Hichilema won the presidential election. The civil war intensified in Ethiopia.