Federal Reserve Chair Jerome Powell said returning US inflation to 2% is crucial to support the long-term health of the US economy, and that more interest-rate increases may be needed this year. Policymakers feel “it will be appropriate to raise rates again this year, and perhaps twice,” if the economy performs about as expected, even …
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BRUSSELS, June 21 (Reuters) – European Union governments agreed on Wednesday to an 11th package of sanctions against Russia over its invasion of Ukraine, aimed at stopping other countries and companies from circumventing existing measures. The new package, tweeted by Sweden as EU president, forbids transit via Russia of an expanded list of goods and …
US stocks fell with bonds as Federal Reserve Chair Jerome Powell warned that higher rates would be needed to combat inflation, thwarting bets that the US central bank was nearing the end of its tightening cycle. The S&P 500 extended its slide into a third day, if the losses hold it will be the longest …
China’s crude oil imports from Russia soared to an all-time high of 2.29 million barrels per day (bpd) in May as refiners in the world’s top crude oil importer continue to buy discounted Russian oil. China’s imports of Russian crude oil jumped by 15.3% compared to May last year and surged by 32.4% compared …
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United States Federal Reserve Board Governor Philip Jefferson (pictured) expressed gratitude for being nominated for the position of vice chair of the Fed’s Board of Governors, pledging to remain attentive to the challenges facing the economy, including inflation, banking sector stress and geopolitical instability if he is elected. Jefferson further reiterated his commitment to using …
WTI oil slid on Tuesday morning to just above $70 per barrel—an important psychological threshold for the U.S. crude oil benchmark. The catalysts behind the moves are generally demand-based. In a show of no confidence in its economy, China slashed its main benchmark lending rates for the first time in nearly a year on Tuesday—by …
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Stocks edged lower on Tuesday as the second-quarter rally cooled with investors jittery ahead of Powell’s testimony later in the week. Treasuries rose. US equities pared losses after the S&P 500 closed in on a 1% drop, the stocks gauge had traded at 14-month high last week. The tech-heavy Nasdaq 100 wobbled as shares of …
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Juneteenth holiday horror: Four people are shot dead and at least 42 others injured so far this weekend as gun violence erupts across the nation – from Illinois to Missouri At least 20 people were shot, one fatally, during a Juneteenth celebration early Sunday morning in Willowbrook, Illinois The gunfire erupted during an illegal street takeover …
(Bloomberg) — Federal Reserve Governor Christopher Waller said it’s not clear that recent banking strains will lead to significantly tighter lending conditions in the US, adding that officials should not allow worries about a few lenders to interfere with their inflation fight. “Let me state unequivocally: The Fed’s job is to use monetary policy to …
United States Treasury Deputy Secretary Wally Adeyemo claimed on Thursday that the oil revenues for the Russian government in the first five months of 2023 are almost 50% lower compared to the same timespan in 2022. Revenues have cratered despite Moscow exporting more oil than it did in February 2022 and the escalation of the …
Continue reading “US: Russia’s oil revenues nearly cut in half….. Oil extends gains, surges 3%”