Global economic conditions continued to improve in July, but a rise in cases of the COVID-19 Delta variant in some areas of the world raised concerns that another wave of the virus could derail the economic recovery. Global service sector activity expanded further during the month as ongoing re-openings led to increased spending within the sector. Meanwhile, the U.S. Federal Reserve Board (“Fed”) and European Central Bank (“ECB”) both cautioned that policy tightening might occur well into the future, and suggested they are considering ongoing supportive conditions to help bolster the economic recovery. 

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