WASHINGTON (Reuters) – The U.S. economy may be primed for several years of above-trend growth as families spend perhaps $2 trillion in excess savings banked during the pandemic, Richmond Federal Reserve President Tom Barkin said, and inflation will head higher for a while. But Barkin in a Reuters interview late Wednesday would not detail how …
(Reuters) – Saudi Arabia is prepared to raise its oil production if Russia’s output falls substantially because of the western sanctions imposed on it, the Financial Times reported on Wednesday, citing sources. Discussions had been held about an immediate increase in production from Saudi Arabia and the United Arab Emirates, which could be announced at …
Continue reading “Oil prices fall on reports S. Arabia might increase output”
The U.S. 10-year Treasury yield climbed Wednesday on the first day of June, with investors focused on rising inflation and interest rate hikes. The yield on the benchmark 10-year Treasury note gained 8.7 basis points at 2.931% as of 2:51 p.m. ET. The yield on the 30-year Treasury bond moved 1.8 basis points higher to …
WASHINGTON, June 1 (Reuters) – U.S. manufacturing activity picked up in May as demand for goods remains strong, which could further allay fears of an imminent recession, but a measure of factory employment contracted for the first time in nearly a year. The Institute for Supply Management (ISM) said on Wednesday that its index of …
Continue reading “U.S. manufacturing sector regains speed in May-ISM”
Bear market bounces are violent yet short-lived. The latest excuse for an oversold rally was provided by JP Morgan’s Jamie Dimon. The bank’s CEO stated at Morgan’s Investor Day Conference on Monday, May 23rd, that the US economy remains strong despite gathering storm clouds. He said, “I’m calling it storm clouds because they’re storm clouds. …
Exempting Russia from the OPEC+ alliance’s oil-production agreements is being discussed by some members of the Organization of Petroleum Exporting Countries, the Wall Street Journal reported. Such a move would have major ramifications for global oil supply. Russia is one of the world’s top three crude producers — along with Saudi Arabia and the US …
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The world faces a “much bigger” energy crisis than the one of the 1970s, the Executive Director of the International Energy Agency (IEA), Fatih Birol, told German daily Der Spiegel in an interview published on Tuesday. “Back then it was just about oil,” Birol told the news outlet. “Now we have an oil crisis, a …
Continue reading “IEA: Current Energy Crisis Is “Much Bigger” Than 1970s Oil Crunch”
May 30 (Reuters) – The U.S. Federal Reserve should raise interest rates by a half percentage point each time at more than its next two meetings, Fed Governor Christopher Waller said on Monday, underscoring tensions at the central bank about how aggressively to tighten policy as it battles to bring down high inflation. “I support …
Continue reading “50 bps rates hike on table till inflation hits target – Fed’s Waller”
Bear market bounces are violent yet short-lived. The latest excuse for an oversold rally was provided by JP Morgan’s Jamie Dimon. The bank’s CEO stated at Morgan’s Investor Day Conference on Monday, May 23rd, that the US economy remains strong despite gathering storm clouds. He said, “I’m calling it storm clouds because they’re storm clouds. …
U.S. stock futures rose on Monday in light holiday volume, helped by plans from the world’s number-two economy to lift some restrictions as it fights COVID more aggressively than the rest of the world. While U.S. stock exchanges are closed in observance of Memorial Day, electronic futures trading continues. On Friday, the Dow Jones Industrial …
Continue reading “U.S. stock futures rise in holiday trade as Shanghai sets reopening plans”