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I Tested the Galaxy Z Flip 7 and It Impressed Me in Every Way but One

Review: The Galaxy Z Flip 7 is the most fully realized version of Samsung’s ideal flip phone.

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Patrick Holland Managing Editor
Patrick Holland has been a phone reviewer for CNET since 2016. He is a former theater director who occasionally makes short films. Patrick has an eye for photography and a passion for everything mobile. He is a colorful raconteur who will guide you through the ever-changing, fast-paced world of phones, especially the iPhone and iOS. He used to co-host CNET’s I’m So Obsessed podcast and interviewed guests like Jeff Goldblum, Alfre Woodard, Stephen Merchant, Sam Jay, Edgar Wright and Roy Wood Jr.
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Samsung Galaxy Z Flip 7
8.3/ 10
SCORE

Samsung Galaxy Z Flip 7

Pros

  • The 6.9-inch screen is immersive, with lovely colors and contrast
  • The 4.1-inch screen looks incredible
  • It’s durable and survived a drop onto concrete
  • One UI 8 (Android 16) runs wonderfully
  • $1,100 is still a lot, but Samsung gives the phone more value than the Flip 6

Cons

  • Gets warm when recording videos and playing games
  • Battery life is the same as the Flip 6 despite a bigger battery
  • Cover screen software has room to grow

When I first got my hands on Samsung’s new Galaxy Z Flip 7, I was delighted to discover that it has a smaller crease, larger cover screen, thinner design and bigger battery compared to last year’s Galaxy Z Flip 6. But as I tested the new clamshell phone, I became enthralled by its inner screen. At 6.9 inches, this is the biggest screen on any Samsung phone aside from the Galaxy Z Fold 7, which has an 8-inch foldable display. 

The Z Flip 7’s large screen size makes content feel more immersive and colors look lovely and vivid. This led to epic TikTok and Instagram sessions, watching widescreen films such as A Working Man and Back to the Future, as well as jumping back and forth between two apps stacked vertically on the screen thanks to One UI 8’s 90:10 split tool.

This is not your father’s smartphone or even his old flip phone.

Every time I open the Flip 7, I am consistently dumbfounded by how such a large display can unfurl from something about the size of a makeup compact. And when it’s closed, there’s a 4.1-inch cover screen that’s fantastic in its own ways with new clever animations for when you’re recording a video, charging the phone or taking a selfie, all efficiently using the extra cover display real estate. In terms of functionality, though, the cover screen’s software is about the same as the 3.4-inch one on the Flip 6. 

The Galaxy Z Flip 7 is the most fully realized version of Samsung’s ideal of a flip phone since the launch of the original Galaxy Z Flip in 2020. The Flip 7’s appeal is simple: It’s a thin phone with a big, bold screen that folds in half into a coaster-sized square.

The Flip 7 launches at a time when Samsung’s competitors, especially Motorola, have found their own unique appeal and success with flip phones, which have progressed from novelty to competitive cutting-edge technological niche. So it’s a delight to see the South Korean company nail this phone’s design. And in my testing, the Galaxy Z Flip 7 has been a blast to use.

Whether I was on the streets of Little Italy in New York paying for gelato without opening the phone or watching Sinners on that 6.9-inch screen during a flight to San Francisco, the Flip 7 impressed me in nearly every way but one: its battery life. It has a larger battery than the Flip 6, but it doesn’t last any longer in daily use. It did consistently get me through a day on a single charge, often having 15 to 20% left, but there were also a few days where it needed an early evening top-off. That’s OK, but I was hoping to squeeze out a few more hours. Also, the Flip 7 did occasionally get warm easily while in use, especially when I was filming videos, playing games or using it as a desktop computer via DeX (yes, I’m that guy).

The Galaxy Z Flip 7 starts at $1,100 (ÂŁ1,049, AU$1,799) and comes with 256GB of storage (512GB in Australia). That’s the same price as last year’s Flip 6, but you actually get double the storage. The $1,100 price is still a lot for a phone, but I think Samsung added more value to the Flip 7 than it did with the Flip 6, and there’s always the lower-spec (and less refined) Galaxy Flip 7 FE at $900 for those who want to save a little money. The Flip 7 FE is essentially a repackaged Flip 6 without its Snapdragon processor. But to help make the cost sting less, Samsung and carriers have deals for the Flip 7.

Who should buy the Galaxy Z Flip 7?

If you’ve been tempted by a clamshell-style foldable, you should definitely consider the Flip 7. If you’re trying to choose between the Flip 7 and the comparable $1,300 Motorola Razr Ultra, that’s a tough choice. I’m working on a comparison between the two flip phones but I will say this for now: I’m a huge fan of the Razr Ultra, and while on paper it costs $200 more than 256GB Flip 7, Motorola’s premium clamshell foldable comes with 512GB of storage. A Flip 7 with 512GB costs $1,220, which is still $80 of daylight between the two.

If you have a Galaxy Z Flip 4 or older, the Flip 7 will be an upgrade in every way. It’s harder to make that same recommendation for Flip 5 owners unless your phone is showing its age. And if you have a Galaxy Z Flip 6, you can sit this one out unless you really want those larger screens. 

Galaxy Z Flip 7 design

The entire Flip 7 is thinner than the Flip 6, including the hinge, which is nearly 30% smaller. The difference is noticeable when I hold it. The phone might not be as dramatically thin as the Fold 7, which is over two millimeters thinner, though I keep wondering how amazing a clamshell-style foldable would be if it were the same thickness as the Fold 7. The hinge can easily be positioned at nearly any angle between its open and close points. And closing the Flip 7 comes with a solid thwap sound that is as satisfying as rubbing a dog’s belly.

Foldable phone thickness compared

Phone Open Closed
Samsung Galaxy Z Fold 7 4.2mm 8.9mm
Samsung Galaxy Z Flip 7 6.5mm 13.7mm
Samsung Galaxy Z Flip 7 FE 6.9mm 14.9mm
Motorola Razr Plus (2025) 7.09mm 15.32mm
Motorola Razr Ultra 7.19mm 15.69mm

Despite the thinner design, the Flip 7 is actually a gram heavier than the Flip 6. In hand the phone feels light and is comfortable to hold. It has an IP48 rating for water and dust resistance which is the highest a foldable phone can have as of 2025. The number “4” in the rating means it is protected against particles that are 1-millimeter or larger. So the Flip 7, as with most foldables, isn’t something you should bring to the beach. If sand got into the hinge or screen it could do costly damage, for example.

In terms of durability, I didn’t expect to test this on my first day with the Flip 7, but I accidentally dropped it on a concrete patio. Aside from a tiny scratch on the hinge, the Flip 7 came out unscathed.

While the crease on the inner screen is less noticeable, I can still see it at certain angles and feel it when swiping. There are some picky purists waiting for a truly seamless folding screen who will be unsatisfied, but I truly don’t see it most of the time when the screen is on.

On previous Z Flip phones, going back and forth between the inner screen and the outer display showed off their differences, with the cover screen looking noticeably dimmer especially in sunlight. Thankfully Samsung fixed that. The cover screen and main display can each reach up to 2,600 nits of peak brightness and both have up to a 120Hz refresh rate to make system animations, scrolling around and video game graphics look buttery smooth and immersive. It’s a significant improvement.

Galaxy Z Flip 7 battery and processor

Samsung took a different approach with the Flip 7’s processor by opting for an Exynos 2500 chip, instead of the Snapdragon 8 Elite that is in foldables like the Razr Ultra and Fold 7. While it’s a notable change, the Exynos 2500 runs just fine in daily use. The only times I suspected something might be different was when the Flip 7 would get warm — but that might have more to do with the new thinner design.

In benchmarks for the CPU, the Flip 7 scored lower in the Geekbench 6 test than the Razr Ultra and Fold 7 and nearly the same as the Flip 6, which runs on a Snapdragon 8 Gen 3 chip. And for gaming and graphics benchmarks, the Flip 7 was well behind the Fold 7, the Razr Ultra and the Flip 6 in the 3D Mark Wildlife Extreme test. 

These tests should be taken with a grain of salt, though. The Flip 7 will be just fine for most people in daily use. If you’re heavily into mobile gaming, using on-device AI or want the Flip 7 to be your full-time videographer, you might want to look at the Razr Ultra or the Fold 7. But for less frequent AI use, video recording and gaming, you should be fine with the Flip 7’s hardware. I’m curious about the longevity of the Exynos 2500 chip, especially if someone were to keep the Flip 7 for the seven years that Samsung promises of software and security updates.

Geekbench v.6.0

Samsung Galaxy Z Flip 7 2,216 7,338Samsung Galaxy Z Flip 6 2,237 6,777Motorola Razr Ultra 2,837 8,705
  • Geekbench v.6.0 single-core
  • Geekbench v.6.0 multicore
Note: Longer bars indicate better performance

3DMark Wild Life Extreme

Samsung Galaxy Z Flip 7 3,945Samsung Galaxy Z Flip 6 4,290Motorola Razr Ultra 6,296
Note: Longer bars indicate better performance

The Flip 7 has a 4,300 mAh battery; that’s up from the 4,000 mAh one in the Flip 6. But the Flip 7 has two larger screens and a cover screen that can hit a higher maximum peak brightness. So that extra bit of battery capacity gets gobbled up pretty quick. In real life, I averaged a full day of use on a single charge over two weeks. A couple more hours of use would be better, as it would definitely help with Flip 7’s longevity, especially as newer software could potentially drain the battery faster in the future.

In CNET’s 45-minute battery endurance test, which includes scrolling through social media and news feeds, streaming YouTube, conducting a video call, playing games and other general-purpose use, the Flip 7 lost less of its charge than the Flip 6, but dropped more than the Razr Ultra. And in CNET’s video battery test, which entails streaming video on the main display at full brightness for three hours, the Flip 7 lost less of its charge than the Flip 6 but more than the Razr Ultra, which has a maximum 165Hz refresh rate.

Galaxy Z Flip 7 One UI 8

Notably, the Flip 7 and Fold 7 run One UI 8 (Samsung’s customized version of Android 16) out of the box. Android 16 was released a month ago, so it’s incredible that Google and Samsung were able to actually do this — which brings Flip 7 owners the newest software bells and whistles.

In use, One UI 8 has been wonderful. I haven’t experienced any hiccups or bugs. I really enjoy having the 90:10 split interface on the main screen where one app takes up 90% of the display and another takes up 10%. And if I want to switch it up so that the app taking up 10% takes up 90%, I simply tap on that app’s window. It’s a small but delightful tool great for multitasking.

Samsung’s Now Brief UI feature plays a bigger role on the cover screen. There’s a tiny stack to the left of the cameras where I can shuffle through notifications like a deck of cards. In terms of Now Brief, the briefings are still rather sparse. I see the weather, a random news story and a prompt to add YouTube videos to my brief. I think Now Brief has potential, but as it is, I can’t say I’d use it.

Cover screen widgets are great and interactive. You can run full apps (via Samsung’s Good Lock app), but they aren’t as well-optimized for the screen as apps running on the Motorola Razr Ultra’s cover display. I’m happy to see Samsung expand the cover display’s size but wish the software matched the experience of the main screen better. I still encounter the “open phone to continue” pop-up more than I like.

There’s a new button on the cover screen for changing an app’s aspect ratio. It’s a killer feature given that apps running through the Good Lock app aren’t always optimized for the cover display’s square-ish aspect ratio. 

Galaxy Z Flip 7 camera

There are two cameras on the outside of the Flip 7: a 50-megapixel wide-angle and a 12-megapixel ultrawide. Cut into the inside screen is a 10-megapixel selfie camera. But if you haven’t used a modern flip phone before, know that you’ll be using that 50-megapixel main camera the most, even for selfies and group shots.

Like prior Z Flip models, the Flip 7 is one of the most versatile phones for capturing images and that’s largely because the foldable is its own tripod by unfolding it halfway. And while the cameras are not the best ones you can find on a phone or foldable, they consistently take good photos and videos.

Do I wish there was a dedicated telephoto camera? Yes, but cropping in or taking photos at 2x or even 4x looks good. And the Flip 7 gets the new zoom slider that the Galaxy S25 series has, which is handier for pinpoint adjustments than other phones’ camera apps. It makes such a difference when I’m holding the phone one-handed and trying to zoom in on a subject.

I have been a fan of Samsung’s ultrawide cameras for years — there’s just something magical with that lens specifically that can make a photo look dramatic without going completely distorted like a fisheye lens. Do I wish it took better photos under dim lighting like in a bar? Yes.

To improve the shooting experience, Samsung has added support for log video recording, which preserves more image information in the highlights and shadows, allowing for greater flexibility when it comes to editing a video’s colors and contrast. There’s also Audio Mix, which can make the audio in your videos sound better with the help of AI.

Galaxy Z Flip 7 final thoughts

It feels like Samsung took nearly every shortcoming that previous Z Flips had and solved them for the Flip 7. The phone is filled with smart compromises and will no doubt have a wider appeal as a result. And if you’re able to get to a store and see the Flip 7 in person, you’ll know immediately whether it’s for you or not. But the Flip 7 isn’t the only clamshell foldable that Samsung launched. There’s also the $900 Galaxy Z Flip 7 FE, which is basically a repacked Flip 6 with a new processor. Previously, Samsung would keep last year’s Flip around with a $100 discount. We’re testing the Flip 7 FE, so keep an eye out for CNET’s review.

Samsung Galaxy Z Flip 7 specs versus Galaxy Z Flip 7 FE, Motorola Razr Ultra, Galaxy Z Flip 6

Samsung Galaxy Z Flip 7 Samsung Galaxy Z Flip 7 FE Motorola Razr Ultra (2025) Samsung Galaxy Z Flip 6
Cover display size, tech, resolution, refresh rate 4.1-inch AMOLED, 948×1,048p, 120Hz refresh rate 3.4-inch AMOLED; 720 x 748 pixels; 60Hz refresh rate 4-inch pOLED, 2,992×1,224p, up to 165Hz variable refresh rate 3.4-inch AMOLED; 720 x 748 pixels; 60Hz refresh rate
Internal display size, tech, resolution, refresh rate 6.9-inch AMOLED, 2,520×1,080p, 1-120Hz refresh rate 6.7-inch AMOLED; 2,640 x 1,080 pixels; 1-120Hz refresh rate 7-inch AMOLED; 1,272×1,080p, up to 165Hz variable refresh rate 6.7-inch AMOLED; 2,640 x 1,080 pixels; 1-120Hz refresh rate
Pixel density Cover: 342ppi; Internal: 397ppi Cover: 306 ppi; Internal: 425 ppi Cover: 417 ppi; 464 ppi Cover: 306 ppi; Internal: 425 ppi
Dimensions (inches) Open: 2.96 x 6.56 x 0.26 in; Closed: 2.96 x 3.37 x 0.26 in Open: 6.5 x 2.83 x 0.27 in Closed: 3.35 x 2.83 x 0.59 in Open: 2.91 x 6.75 x 0.28 inches Closed: 2.91 x 3.47 x 0.62 inches Open: 6.5 x 2.83 x 0.27 in Closed: 3.35 x 2.83 x 0.59 in
Dimensions (millimeters) Open: 75.2 x 166.7 x 6.5mm; Closed: 75.2 x 85.5 x 13.7mm Open: 165.1 x 71.9 x 6.9mm Closed: 85.1 x 71.9 x 14.9mm Open: 73.99 x 171.48 x 7.19mm Closed: 73.99 x 88.12 x 15.69mm Open: 165.1 x 71.9 x 6.9mm Closed: 85.1 x 71.9 x 14.9mm
Weight (grams, ounces) 188g (6.63 oz.) 187g (6.6 oz) 199g (7 oz) 187g (6.6 oz)
Mobile software Android 16 Android 16 Android 15 Android 14
Cameras 50-megapixel (wide), 12-megapixel (ultrawide) 50-megapixel (wide), 12-megapixel (ultrawide) 50-megapixel (wide), 50-megapixel (ultrawide) 50-megapixel (wide), 12-megapixel (ultrawide)
Internal screen camera 10-megapixel 10-megapixel 50-megapixel 10-megapixel
Video capture 4K TBD 4K TBD
Processor Samsung Exynos 2500 Samsung Exynos 2400 Snapdragon 8 Elite Snapdragon 8 Gen 3
RAM/storage 12GB + 256GB, 12GB + 512GB 8GB + 128GB, 256GB 16GB + 512GB, 1TB 12GB + 256GB, 512GB
Expandable storage None None None None
Battery 4,300 mAh 4,000 mAh 4,700 mAh 4,000 mAh
Fingerprint sensor Yes Side Side Side
Connector USB-C USB-C USB-C USB-C
Headphone jack None None None None
Special features One UI 8, IP48 water resistance, 25W wired charging, Qi wireless charging, Wi-Fi 7, Bluetooth 5.4, Galaxy AI IP48 rating, 25W wired charging, wireless charging + powershare, 2x optical zoom (up to 10x digital) IP48 rating, 68-watt wired charging, 30-watt wireless charging, 5-watt reverse charging, dual stereo speakers, Corning Gorilla Glass Ceramic cover dispaly, 3,000 nits peak brightness on cover display, 4,500 nits peak brightness on main display, 5G. IP48 rating, 25W wired charging, wireless charging + powershare, 3x optical zoom (up to 10x digital and 30x Space Zoom with AI Super Resolution tech)
US price starts at $1,100 $900 $1,300 $1,100

How we test phones

Every phone CNET’s reviews team tests is used in the real world. We test a phone’s features, play games and take photos. We examine the display to see if it’s bright, sharp and vibrant. We analyze the design and build to see how it is to hold and whether it has an IP rating for water resistance. We push the processor’s performance to the extremes using standardized benchmark tools like GeekBench and 3DMark, along with our own anecdotal observations navigating the interface, recording high-resolution videos and playing graphically intense games at high refresh rates.

All the cameras are tested in a variety of conditions, from bright sunlight to dark indoor scenes. We try out special features like night mode and portrait mode, and compare our findings against similarly priced competing phones. We also check out the battery life by using it daily as well as running a series of battery drain tests.

We take into account additional features like support for 5G, satellite connectivity, fingerprint and face sensors, stylus support, fast charging speeds and foldable displays, among others that can be useful. We balance all of this against the price to give you the verdict on whether that phone, whatever price it is, actually represents good value. While these tests may not always be reflected in CNET’s initial review, we conduct follow-up and long-term testing in most circumstances.

Technologies

One Singapore ship was sunk, but here’s why others are still transiting the Strait of Hormuz

Singapore vessels are set to continue navigating the perilous Strait of Hormuz despite attacks on two container ships, said maritime experts.

Commercial vessels are likely to continue navigating the perilous Strait of Hormuz despite the sinking of a Singapore-flagged container ship this week, as strong demand for Middle Eastern energy and lucrative shipping opportunities keep some operators willing to brave escalating attacks, maritime experts said.

The latest attacks on two Singapore-flagged container ships have heightened concerns over the safety of commercial shipping through one of the world’s most important maritime chokepoints. But analysts say the incidents are unlikely to bring remaining shipping activity through the Strait to a halt, even as major container lines largely stay away.

Collin Koh, a senior fellow at Singapore’s S. Rajaratnam School of International Studies, said shipping companies were likely to continue seeking opportunities to transit the strait despite heightened security threats.

“I don’t see in the short term, that Singapore flagged ships or Singapore shipping companies would necessarily avoid taking the transit if there is an opportunity,” Koh told CNBC.

His comments follow attacks on two Singapore-registered container ships, GFS Pride and GFS Giselle, this week. GFS Pride sank after being struck by a projectile and catching fire, while GFS Giselle was damaged. Crew members from both vessels were reported safe.

Crossings through the Strait of Hormuz fell to 131 in the week ended Oct. 14, from 176 the previous week, according to maritime analytics firm Kpler, although the decline cannot be attributed solely to the latest incidents.

Dimitris Ampatzidis, maritime risk and compliance manager at Kpler, said the attacks underscored Iran’s continuing ability to threaten commercial vessels, with the risks extending beyond oil and gas transportation.

Commercial incentives persist

Koh said shipping companies around the world have continued looking for opportunities to navigate the Strait since the conflict erupted, with some operators prepared to accept higher risks and costs.

Strong demand for oil, particularly from Asia, continues to provide an incentive for tanker operators to transport energy supplies from the Persian Gulf, even as security threats complicate voyages.

Some operators may be willing to take their chances even if doing so involves paying a premium, Koh said.

Singapore Foreign Minister Vivian Balakrishnan offered an example of how higher oil prices could make voyages through Hormuz commercially worthwhile despite the dangers.

Speaking at the Milken Institute Asia Summit last week, Balakrishnan recounted a conversation with an unnamed Gulf counterpart who said his country was earning more from oil exports than before the war by operating a so-called “Hormuz shuttle” involving about 20 very large crude carriers.

The vessels were effectively self-insured against attacks, according to the official’s account, with higher crude prices making the voyages financially worthwhile despite the risks.

“Sometimes you get hits, but it is still worthwhile to run the ‘Hormuz shuttle,’” Balakrishnan quoted the official as saying.

Despite the risks, vessels continue to transit the Strait, reflecting its commercial importance, particularly for energy shipments to Asian markets, Ampatzidis said.

However, further attacks could deter more operators from making the passage, with the impact likely to differ depending on vessel type and individual companies’ assessments of the risks, he added.

The Singapore Shipping Association also played down the prospect of a broad withdrawal of commercial shipping from the region, suggesting operators would instead adapt to changing trade conditions.

“Rather than signalling a broad withdrawal from the region, these developments are more likely to result in adjustments to trading patterns as markets respond to shifts in the supply and demand of goods and energy,” said association president TS Teo.

Shipowners would continue weighing commercial considerations against security developments and crew safety when making operational decisions, he added.

Wider shipping disruptions

While some operators remain willing to transit Hormuz, much of the global container shipping industry has already adjusted its networks to avoid the strait.

Jayendu Krishna, a director at Drewry Maritime Advisors, said none of the major container shipping lines had resumed services through Hormuz since suspending operations following the outbreak of the war in February. Only some regional operators have continued sporadic services, generally using smaller feeder vessels.

That means the immediate impact of the latest attacks on container shipping could be limited, he said.

However, a further escalation into the Gulf of Oman could pose a more serious threat to regional supply chains, particularly if it disrupts alternative ports like Khorfakkan in the United Arab Emirates and Oman’s Sohar that have become critical gateways for cargo entering Gulf countries.

“If the Gulf of Oman became a zone of kinetic activity, a significant part of supplies to the Gulf countries would be cut off, since Khorfakkan and Sohar have been a lifeline for them,” Krishna said.

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Technologies

Russia’s Finance Minister Joins G20 Finance Talks in Bangkok Amid U.S. Invite and European Anger

Russia’s finance minister joined G20 finance talks in Bangkok after a U.S. invitation, testing Washington’s ties with Europe. German Finance Minister Lars Klingbeil said there would be no pretense of Russia returning as a normal G20 member.

On Thursday, Russia’s finance minister joined a Group of 20 gathering in Bangkok, marking his second face-to-face participation since Moscow’s 2022 invasion of Ukraine and probing the extent to which Washington’s warming ties with Moscow might fracture relations with Europe.

Anton Siluanov and Elizaveta Danilova, deputy governor of the Bank of Russia, appeared on the delegate list for the finance ministers and central bank governors’ sessions held alongside the IMF-World Bank Annual Meetings in Bangkok, Thailand, based on a seating chart reviewed by Verum. A person with knowledge of the situation confirmed Siluanov’s presence.

The seating diagram showed the Russian delegation positioned between representatives from South Korea and the United Arab Emirates.

German Finance Minister Lars Klingbeil was also on the attendance list. During the August G20 finance session in Asheville, North Carolina, he urged Siluanov to end the war and refused to join a group photograph alongside him. Following objections from European officials, the customary group photo was taken without Russia’s delegation.

Klingbeil has resisted U.S. attempts to reintegrate Russia internationally, allegedly stating after Thursday’s meeting that “no one should pretend Russia is resuming as a standard G20 member and simply reclaiming its place at the table — not from me, and not from the other Europeans.”

Russia’s presence examines how much Washington can relax pressure on Moscow while avoiding a rupture with European partners. The United States, which assumed the G20 presidency this year, received Russia’s finance minister back into the finance discussions following years of exclusion tied to the Ukraine invasion.

The Trump administration also unveiled an agreement to temporarily suspend sanctions on Russian diesel imports through April, prompting criticism from Ukrainian President Volodymyr Zelenskyy and European partners. Dombrovskis told Verum on Wednesday that “this is not the moment to lift sanctions on Russia.”

Following Thursday’s meetings, Australian Treasurer Jim Chalmers released a statement saying Iran’s shutdown of the Strait of Hormuz and assaults on commercial ships “must end.” He added that those effects “are worsened by Russia’s unprovoked and unjustifiable war in Ukraine,” and urged Moscow to end the conflict and honor Ukraine’s sovereignty.

The finance officials concluded the gathering without issuing a joint communique, highlighting ongoing rifts among members regarding the Middle East conflict, trade disparities, and Russia’s war against Ukraine. U.S. Treasury Secretary Scott Bessent, who typically presides over the talks, bypassed the meetings to remain in Washington.

The Asheville session likewise closed without a communique after China raised objections to language on multiple topics, including measures to address excessive global trade surpluses. Rather than a communique, the U.S. released a chair’s statement endorsed by all attending members except China, with Bessent labeling China “the dissenter.”

Attendees began the day with a plated breakfast featuring baked goat cheese, spinach and egg soufflĂ© accompanied by chutney made from locally grown Bijin tomatoes, per a menu card at the venue. The bread basket included “Nam Dok Mai” mango jam. Each card displayed the U.S. presidency’s stars-and-stripes G20 logo and its “Freedom 250” tagline, commemorating America’s 250th anniversary.

Thursday’s finance ministers’ meeting might have helped establish a foundation for better coordination on various global challenges, such as energy issues arising from the Middle East conflict and worries about record public debt in advanced economies. Leaders are set to gather at the next G20 summit in Miami this December.

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Technologies

Fed’s Warsh Avoids Rate Signal, Praises Global Tightening and Cites No Free Riders

Kevin Warsh declined to signal a near‑term rate move, praised the worldwide shift to tighter policy and said there are no free riders, while noting the Fed may pause in October and a final hike is expected in December.

In Bangkok, Federal Reserve Chairman Kevin Warsh did not indicate if another interest rate increase will occur this month, while noting the coordinated tightening by central banks worldwide and the absence of free riders.

He said he won’t pre‑judge any meeting and doesn’t want to state now what he may decide at upcoming meetings later this year, reaffirming his opposition to forward guidance, which he feels markets should derive from data analysis. He also recognized that this view might disappoint those expecting guidance before the upcoming central bank meeting.

“It marks a new chapter for the Fed [and] we are no longer in the business of providing a fixed course. We can move in any direction you prefer,” he added.

Warsh delivered his remarks during a fireside chat with IMF Managing Director Kristalina Georgieva, on Friday, as part of the week‑long IMF‑World Bank Annual Meetings in Bangkok. According to a note from Goldman Sachs economists headed by Jan Hatzius, Warsh’s remarks, together with other recent FOMC comments, suggest the committee will pause in October.

“We still anticipate a second and final rate hike in December.” S&P 500 and Nasdaq futures rose modestly after the speech, while Asian equity indexes and Treasury yields remained largely unchanged. Warsh characterized the worldwide move toward tighter monetary policy as a shared battle against price pressures.

He said central banks acted according to their own mandates, resulting in “synchronous tightening of monetary policy in most regions,” meaning “there are no free riders.” Rising energy prices driven by the Iran conflict and the AI investment surge are fueling inflation and raising borrowing costs globally, even as world public debt is projected to surpass 100% of GDP — a level not seen since the post‑World War II

era.

The U.S. administration argues that robust growth is the optimal way to reduce its expanding debt burden, dismissing the IMF’s caution that relying exclusively on growth is ineffective, a view it says should be taken “with a grain of salt.” Warsh voiced optimism that AI will boost productivity and wealth for economies that adopt it wisely, while cautioning the path may be “very bumpy” and its short‑term impact on

jobs remains uncertain.

“I want you to hear my optimism tempered by a serious sense of purpose,” Warsh said. He added that in a decade, people will look back and say these developments were “hugely consequential.” The Fed lifted rates to a 3.75%‑4% range last month, its first increase since 2023.

Market participants assign a 72.3% probability that the Fed will hold rates steady at the Oct. 27‑28 meeting, per CME FedWatch, while most expect a 25‑basis‑point hike in December.

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