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The Atlanta Feds GDPNow model initially estimated that U.S. GDP growth in the third quarter would be 2.5%, consistent with previous estimates.On August 7, the New York Federal Reserves latest monthly survey showed that consumers confidence in the Federal Reserves long-term inflation management has declined. The data showed that consumers expectations for inflation over the next five years were 2.9%, up from 2.6% in the June survey. Short-term inflation expectations remained largely unchanged, with expectations for the next year rising to 3.1% from 3% in June, and expectations for the next three years remaining stable at 3%. In other aspects, consumer confidence remained good in July. Fewer consumers (37%) believed that the unemployment rate would be higher in a year, the lowest proportion since January. Consumers believe that if necessary, they are 51% likely to find a new job in the next three months, up from 49.6% in June. Consumers said they expect government debt to grow by 9.1% over the next 12 months, up from 7.3% a month ago.Bank of England Governor Bailey: I will not prejudge the Bank of Englands decision on the pace of quantitative tightening in October. The steepening of the yield curve is a global phenomenon.New York Fed: The three-year expected inflation rate remained unchanged at 3.0% in July; the five-year expected inflation rate was 2.9% in July, higher than 2.6% in June.New York Fed: Home price increase expectations remained unchanged at 3% in July, and consumers believe it will be easier to obtain credit in the future.

Oil Prices Drop As Industry Data Shows Rising U.S. Crude Stocks

Haiden Holmes

Feb 15, 2023 11:35

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As industry statistics pointed to a far larger-than-anticipated increase in U.S. crude stocks, oil prices declined in early Asian trade on Wednesday, after plunging by more than $1 per barrel in the prior session.


By 01:11 GMT, Brent crude prices fell 20 cents to $85.38 per barrel, whilst U.S. West Texas Intermediate (WTI) crude futures fell 19 cents to $78.87 per barrel.


Approximately 10.5 million barrels were added to U.S. oil stocks for the week ending February 10, according to market sources quoting American Petroleum Institute data released on Tuesday.


The increase was far greater than the 1.2 million-barrel increase that nine analysts surveyed by Reuters had predicted, which may indicate a decline in gasoline consumption.


According to anonymous sources, gasoline inventories increased by around 846,000 barrels, while distillate inventories increased by approximately 1.7 million barrels.


Wednesday at 10:30 a.m. EST (0330 GMT) the government's official inventory estimates are due.


The U.S. Department of Energy's (DOE) decision this week that it will sell 26 million barrels of oil from the nation's strategic reserve, which is already at its lowest level in about four decades, also weighed on crude prices.


The Organization of the Petroleum Exporting Countries (OPEC) upped its 2023 global oil demand growth prediction for the first time in months in response to China's reopening, bolstering prices, and lowered supply expectations for key non-OPEC producers, signaling a tighter market.


OPEC forecasts that global oil consumption will increase by 2,32 million barrels per day (bpd) or 2.3% this year, an increase of 100,000 bpd since February.

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