CHICAGO (Reuters) -The U.S. Federal Reserve is clear on the need for restrictive monetary policy to lower inflation, Fed Vice Chair Lael Brainard said on Monday, but the path and pace of rate increases will remain “data-dependent” as the central bank monitors the economy and the evolution of domestic and global risks. In prepared remarks …
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OPEC+ Ministerial Meeting concluded with the decision to cut production by 2 million bpd in November. Crude prices fell slightly on the announcement. OPEC sources suggested shortly after the meeting concluded that the 2 million bpd would be cut from “current baselines” The full OPEC+ group has agreed to cut production by 2 million bpd, …
OSLO/PARIS/WASHINGTON (Reuters) – A U.S. Navy reconnaissance aircraft flew near the site of the ruptured Nord Stream 2 pipeline in the Baltic Sea hours after the first damage emerged, according to tracking reviewed by Reuters, a flight Washington said was routine. Russia’s Nord Stream 1 and 2 pipelines burst on Sept. 26, draining gas into …
The US is looking at easing sanctions on Venezuela so that Chevron can pump more oil there, per the WSJ. The proposed deal comes after OPEC+ agreed to cut daily oil production by 2 million barrels a day. One analyst told Insider the deal could bring a “substantial” amount of oil to the market. The …
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The number of Americans filing for first-time unemployment claims climbed last week more than expected, which is welcomed in a “bad news is good news” environment. Initial jobless claims climbed to 219,000, the highest level since late August, in the week ended Oct. 1. That’s above economists’ estimates for 203,000, according to FactSet. The four-week …
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OPEC+ to cut oil production by 2 million barrels per day to shore up prices, defying U.S. pressure OPEC and non-OPEC partners on Wednesday agreed to impose deep output cuts, seeking to spur a recovery in oil prices despite U.S. pressure to pump more. Crude prices have fallen to roughly $80 a barrel from more …
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A panel of OPEC+ ministers recommended a cut to the group’s output limits of 2 million barrels day as they seek to halt a slide in oil prices caused by the weakening global economy. The recommendation from the cartel’s Joint Ministerial Monitoring Committee will be discussed by ministers later on Wednesday before they make a …
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LONDON, Oct 4 (Reuters) – The Bank of England intervened in the UK government bond market to rein in gilt yields, which rocketed after Britain unveiled a welter of tax cuts to be funded by borrowing on markets. It shone a light on a little-known corner of Britain’s pensions sector – liability-driven investment or LDI. …
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Treasury yields drop in reversal of surge in previous weeks Oil rallies second day as OPEC+ considers larger output cut Stocks continued to recover from oversold levels, with traders weighing renewed speculation that global central banks could moderate their aggressive policies to prevent a hard landing. A rally in the S&P 500 put the gauge …
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Major stock market indexes in the United States continued to collect gains on Tuesday shortly after the opening, with the Dow Jones Industrial Average soaring by 800 points. The developments in the market reflected investors’ expectations regarding several important economic reports that are to be released throughout the week, including the ones on initial …