1. Economists brace for historic 100bps rise from Fed after inflation number
The 9.1% inflation reading to come out of the US this week has sent the economy into a tailspin, with many fearing what the Federal Reserve will do with interest rates to combat the 40-year high number.

“Everything is in play,” Atlanta Fed President Raphael Bostic told reporters in St. Petersburg, Florida, on Wednesday.

“Investors bet that the Fed is more likely than not to raise interest rates by 100 basis points when it meets July 26-27, which would be the largest increase since the Fed started directly using overnight interest rates to conduct monetary policy in the early 1990s,” Bloomberg reports.

2. PM Albanese says Australia primed as a renewables superpower
Prime Minister Anthony Albanese has token onus on himself and other Pacific leaders to take more meaningful action in stopping global temperatures from rising by more than 1.5°C.

“The world’s climate emergency is Australia’s jobs opportunity. We can be a renewable energy superpower for the world if we just seize that opportunity,” said Albanese.

Albanese then dismissed claims that a 1.5 degrees temperature limit is incompatible with Australia continuing to have new coal or gas fossil fuel projects. (AFR)

3. NAB signs ETF deal with BlackRock
One of Australia’s big four banks has inked a deal with worlds-largest asset manager BlackRock to make the Nabtrade investment platform an ETF hub. The memorandum of understanding will see iShares (BlackRock’s global ETF subsidiary) develop a new suite of ASX-listed funds and provide educational content for a new “ETF Centre” on Nabtrade.

“The pending funds, which are currently going through final approvals and due to launch on the local sharemarket in August, will feature at least two multi-asset ETFs and at least one thematic ETF focused on economic ‘megatrends’ such as green energy technology. They will all have an environmental, social and governance (ESG) investing bent,” the AFR reports.

4. Did you know?
Reindeer eyeballs turn blue in winter to help them see at lower light levels.

5. ASX to drop as iron ore slide
ASX futures were down 52 points or 0.8% to 6489 near 6.30am AEST, with the AUD -0.2% to 67.46 US cents.

On Wall St: Dow -0.5% S&P 500 -0.3% Nasdaq +0.03%.

In Europe: Stoxx 50 -1.7% FTSE -1.6% CAC -1.4% DAX -1.9%.

Iron ore -8.4% to $US100.25 a tonne.

10-year yield: US 2.96% Australia 3.40%.