another busy programme. let s get started. world leaders are meeting at the g7 summit in southern italy later to impose fresh economic pressure on russia in response to its war against ukraine. there is a lot to discuss. the leaders of the seven powerful economies are expected to agree to use the interest from frozen russian assets to raise $50 billion a year for ukraine. but some european countries are nervous about who ultimately will bear the risk. president biden is also due to sign a new security agreement with president zelensky, as part of long term support to kyiv. for more on this, i m joined by andrew d anieri resident fellow at the atlantic council s eurasia center. good to have you on the programme. what progress will they make, do you think on that very point of increasing the economic pressure on russia? thanks for having me. in terms of sanctions pressure, that s what we mean immediately by economic pressure on russia i think it can be relatively modest, ux
shareholders are in favour. welcome to business today. i m sally bundock. we start in the us where the cost of borrowing will be staying higher for a while longer. the us federal reserve left its key interest rate unchanged on wednesday at its highest in more than two decades and signalled it only expects to make one cut this year. the fed though is predicting four more cuts in 2025. the decision came just hours after some encouraging news on its battle to control inflation. america s official consumer price index showed prices rising at an annual rate of 3.3% in may. that was down 0.1% on april s rate and was lower than expected. but it s still way above the fed s inflation target of 2%. erin delmore in new york has all the details. economic datasets can feel abundant, these are two big deal events. we ve only seen them happen on the same day seven times in the last decade. to start, the consumer price index. that s the key inflation gauge that held good news wednesday morni