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While reporting second-quarter earnings results this morning, Marriott International lowered its full-year revenue per available room guidance. The company had previously projected a range of 3% to 5%, but lowered that to a range of 3% to 4%, citing a "weaker operating environment" in China, the U.S. and Canada.

President and CEO Tony Capuano said the company had a strong quarter, though, with a 6% net increase in rooms and worldwide RevPAR growth of 4.9%.

“RevPAR growth is expected to remain higher in the vast majority of our international markets than in the U.S. and Canada,” said Chief Financial Officer and Executive Vice President, Development Leeny Oberg. “The primary driver in our full-year outlook at Greater China’s updated expectations of negative RevPAR growth for the rest of the year.”

The U.S. Federal Reserve meets today and is widely expected to lay the groundwork for a September interest rate cut, but Politico reports there is increasing political pressure from both sides of the aisle to either act more quickly or stand pat.

Republicans have been pushing back at the idea of a September rate cut, saying it'd take place too close to the election and could have potential repercussions, with Donald Trump telling Bloomberg cutting rates in September is something Fed officials "know they shouldn't be doing."

Democratic Sen. Elizabeth Warren, meanwhile, continues to call for deeper rate cuts to help spur a faltering job market.

For just the second time in 17 years, the Bank of Japan has increased interest rates, moving their target policy rate to 0.25% from a range of 0% to 0.1%, the New York Times reports. The country has long struggled with a deflationary environment, but Japanese officials now feel interest rates are warranted, even as the rest of the world moves in the opposite direction.

The move is expected to strengthen the yen.

The newspaper reports "the weakened yen has effectively bifurcated Japan’s economy: Large international corporations have benefited, while consumers and smaller domestic businesses have been squeezed. But warning signals flashed about diminished domestic consumption, and Japan has spent tens of billions of dollars this year buying yen to stabilize the currency."

Chinese officials have made a significant push to make the country more welcoming to international travelers, both with an expansion of visa-free travel and practical changes to make payments simpler for foreign travelers. But the New York Times reports there are still hurdles for travelers not prepared for the cultural differences between China and the West.

The newspaper reports China's goals in luring more travelers — drawing 14.6 million arrivals in the first half of 2024 — are mostly economic.

"As China’s economy slows, its consumers have been hesitant to spend, fanning fears of deflation," the Times reports. "The government also wants to win back foreign investment, after many overseas companies were spooked by China’s long COVID lockdowns and tightening political environment. Visitors on the 15-day visa-free program are allowed not only to sightsee, but to conduct business."

U.S. consumer confidence increased marginally in July, surprising economists who had called for a small decrease, Reuters reports.

"The Conference Board said on Tuesday that its consumer confidence index increased to 100.3 this month from a downwardly revised 97.8 in June," the news agency reported. "Economists polled by Reuters had forecast the index falling to 99.7 from the previously reported 100.4."

Consumers indicated confidence in the job market but more concerns about inflation and interest rates.

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