<p><strong>GLOBAL: US Federal Reserve Governor Christopher Waller suggested that he would support keeping interest rates unchanged at the September meeting</strong> if upcoming inflation data continues to show improvement.&nbsp;</p>

<p><strong>Market impact: US stocks closed higher while Treasury yields declined,</strong> as Waller's comments helped alleviate concerns about further rate hikes.&nbsp;</p>

<p><strong>Markets are pricing in at least two Fed rate hikes in 2026. </strong>Nevertheless, Metrobank projects that the Fed will keep its policy rate steady in 2026 as the central bank assesses high inflation and stable economic growth.&nbsp;</p>

<p><strong>LOCAL: The government's outstanding debt reached a new all-time high of PHP 19.39 trillion as of July, </strong>driven by fresh borrowings and a weaker peso that raised the peso value of foreign currency obligations.&nbsp;</p>

<p><strong>Market impact:</strong> The PSEi rose as a weaker US dollar supported a rebound in the peso.&nbsp;</p>

<p><strong>The latest figure means the government has already reached about 98% of its projected end-2026 debt level of roughly PHP 19.76 trillion, </strong>despite five months remaining in the year.&nbsp;</p>