During the visit of Saudi Arabia’s foreign minister to Moscow, Russia and Saudi Arabia pledged to continue OPEC+ cooperation. The current OPEC+ agreement will remain in place until the end of this year, at which point members will reconsider the situation. Despite Russia unilaterally cutting its oil production and Saudi Arabia’s foreign minister visiting Kyiv, …
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The TRUE inflation rate is ~13%, if using the Bureau for Labor Statistics’ original calculation method. The CPI-U (consumer price index) is the broadest measure of consumer price inflation for goods and services published by the Bureau of Labor Statistics (BLS). While the headline number usually is the seasonally-adjusted month-to-month change, the formal CPI is …
United States Defense Secretary Lloyd Austin said on Thursday that he and Israeli Prime Minister Benjamin Netanyahu agreed that the two countries should raise the level of cooperation to “confront Iranian aggression,” according to a press release by the Pentagon. Speaking in Tel Aviv with Netanyahu, Austin also warned that Russia could decide to provide …
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Zaporizhzhia nuclear power plant (ZNPP) lost power following the onslaught of missile strikes across Ukraine, the country’s Energy Minister Herman Halushchenko stated on Thursday. “As a result of shelling, the last line that fed the ZNPP was damaged. Now the station works on diesel generators,” the minister wrote in his Telegram channel. He went on …
Disconnect between market and Fed is ‘ongoing,’ says fmr. Fed Vice Chair Roger Ferguson America’s top central banker has warned that the Federal Reserve is prepared to switch back to bigger interest rate rises to fight inflation, if necessary. Fed chair Jerome Powell told the Senate Banking Committee that the central bank has “more work …
The Federal Reserve released its latest Beige Book on Wednesday, providing a new summary of commentaries on current economic conditions in the United States. The report revealed that half of the US Districts reported a slight expansion of economic activity in the first months of 2023 while supply chain disruptions continued to ease. The Beige …
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US 2-year yield exceeds 10-year by a full percentage point Upside-down bond market anticipates Fed policy doing damage The bond market is doubling down on the prospect of a US recession after Federal Reserve Chair Jerome Powell warned of a return to bigger interest-rate hikes to cool inflation and the economy. As swaps traders priced …
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Oil prices fell over 1% on Wednesday after fears of more aggressive rate hikes by the U.S. Federal Reserve continued to compound, with losses extending. On Tuesday, Federal Reserve Chairman Jerome Powell said the Fed would most likely find it necessary to raise interest more than expected to control inflation as a result of strong …
Crude oil prices started this week with a loss. The reason for that initial weekly loss came down to overall global economic growth pessimism and expectations that the U.S. Federal Reserve will continue raising interest rates, making the dollar more expensive and sapping demand for dollar-priced crude. But by the end of Monday, oil prices …
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One of the bond market’s most reliable gauges of impending U.S. recessions plunged further below zero into triple-digit negative territory on Tuesday after Federal Reserve Chairman Jerome Powell pointed to the need for higher interest rates and a possible reacceleration in the pace of hikes. The widely followed spread between 2- and 10-year Treasury yields …
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