A “perfect storm” is brewing, and markets this year are going to get hit with a recession, a debt crisis, and out-of-control inflation, the economist Nouriel “Dr. Doom” Roubini said. Roubini, one of the first economists to call the 2008 recession, has been warning for months of a stagflationary debt crisis, which would combine the …
Continue reading “A perfect storm of recession, debt and out of control inflation is coming”
United States Federal Reserve expects “ongoing increases” in the federal funds rate and a “period of below-trend growth” as it continues its efforts to knock inflation down to 2%, the Fed’s Board of Governors stated in its latest Monetary Policy Report on Friday. Inflation in the services sector, excluding housing, “remains elevated, and prospects for …
Continue reading “Fed expects more monetary policy tightening”
Crude futures slid more than 2% on Friday after reports emerged that the United Arab Emirates is considering leaving the Organization of the Petroleum Exporting Countries (OPEC). According to a report by the Wall Street Journal, the Middle Eastern country has pushed the cartel to allow it to produce more oil and Emirate officials are …
Federal Reserve officials may need to raise interest rates as high as 6.5% to defeat inflation, according to new research that was sharply critical of the central bank’s initially slow response to rising prices. In a paper presented Friday at a conference in New York, a quintet of Wall Street economists and academics argue that …
Federal Reserve Bank of Atlanta President Raphael Bostic said he still prefers to raise rates by another quarter percentage point when officials meet later this month, but is mulling whether central bankers need to lift borrowing costs higher than the range of 5% to 5.25% he’s endorsed to defeat inflation. “I let the data guide …
Continue reading “Fed’s Bostic Open to Seeking Higher Rate Peak If Data Stays Hot”
China’s seasonally adjusted headline Business Activity Index came in at 55.0 in February, jumping from 52.9 registered in January and marking a further improvement in the country’s service sector, S&P Global said in its report published on Friday. The figure surpassed expectations and experienced the strongest rise since August. Meanwhile, the seasonally adjusted Composite Output …
JPMorgan believes Russia will be able to maintain its oil production at pre-war levels of 10.8 million barrels per day. The bank believes Russia’s oil product exports will likely drop by 300,000 bpd due to the EU embargo on imports of Russian fuels. Growing demand from both India and China will help to maintain …
Continue reading “JPMorgan: Russia Can Maintain Oil Production At Pre-War Levels”
US Treasury yields rose on Thursday, with the yield on the 30-year Treasury bond reaching levels not seen since last November. Market participants have recently been expectant about whether the US Federal Reserve will maintain its pace. Today, markets will receive the jobless claims report, a key piece of data that could provide clues about …
Continue reading “30-year US Treasury tops 4%, yield highest since November”
Federal Reserve officials said interest rates will need to increase further and stay elevated into next year to curb US inflation that’s showing few signs of abating despite the central bank’s most aggressive monetary tightening in a generation. Interest rates would need to rise to between 5% and 5.25% and then remain there “until well …
Continue reading “Fed Officials Lean Into Higher Rates as Inflation Keeps Going”
Events in China, not Russia, drove oil prices this past year, and now that Chinese manufacturing activity is on the upswing, the next 12-18 months are likely to see another spike in oil prices, says Goldman Sachs. That could mean crude oil targeting prices above $100 per barrel in the fourth quarter of this year. …
Continue reading “Goldman Sees Oil Price Spike In 2024 As Spare Capacity Runs Thin”