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Global Economic Update: Regional Banks, Debt Ceiling Drama, Inflation Woes, and Housing Market Cooling Down

Despite the US government's savings at the Federal Reserve dropping by $53bn on Monday to just $87bn, small US banks were doing well. The country was on the edge of a big money problem known as the 'debt ceiling crisis.' However, people's trust in the banking sector seems to be growing for now. In Japan, President Biden attended a G7 meeting where top leaders were trying to find a way to solve the money problem without making the US government default. Meanwhile, Japan is dealing with inflation, which is now over 4%, the highest in 40 years.

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