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May 16, the head of Fidelitys $2.3 trillion fixed income business said that as Trumps trade war subverts the economic outlook, Federal Reserve policymakers goals of curbing inflation while maximizing employment are "pulling them in completely different directions." Robin Foley said the Feds "efforts to fight inflation are good, but employment remains to be seen." She added that the central bank is in a "trouble." Foley made the above remarks when the Federal Reserve paused this years interest rate cut cycle that began in 2024 because Trumps tariffs could exacerbate inflation and hit the job market. Foley pointed out that market participants expectations for interest rates have changed "very volatile" over the past year. Trading in the futures market shows that investors expect the Federal Reserve to resume rate cuts in September, which is much later than predicted at the beginning of the year.Toyoaki Nakamura, a board member of the Bank of Japan: We need to pay attention to the high uncertainty in the overseas economic outlook and the impact of various trade policies on prices.Toyoaki Nakamura, a board member of the Bank of Japan: The direction of trade and other policies in various jurisdictions is extremely uncertain, and it remains difficult to predict how overseas economic activity and prices will respond to these policies.Bank of Japan board member Toyoaki Nakamura: Raising interest rates early amid slowing economic growth could curb consumption and capital spending.Bank of Japan board member Toyoaki Nakamura: Uncertainty in the economic outlook is increasing, so it is necessary to adopt a more prudent monetary policy.

Oil prices fall as demand concerns outweigh supply restrictions

Skylar Williams

Jul 21, 2022 11:14

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Oil prices dipped for a second consecutive session on Thursday, as concerns over demand outweighed a tight global supply following the release of U.S. government data suggesting sluggish gasoline consumption during the peak summer driving season.


Brent oil futures shed 37 cents, or 0.3 percent , to $106.55 a barrel at 0003 GMT. WTI oil futures slipped 33 cents, or 0.3 percent , to $99.55 a barrel.


Oil prices have fluctuated since traders have had to balance a tighter global supply due to the loss of Russian barrels as a result of the country's invasion of Ukraine with recessionary worries that might lower energy use.


According to data issued by the federal government on Wednesday, gasoline stocks in the United States climbed by 3.5 million barrels last week, which is much more than the 71,000-barrel increase projected by experts in a Reuters survey.


The data indicated that gasoline output, a proxy for demand, was around 8.5 million barrels per day, or 7.6 percent less than during the same time period in the previous year.


Vivek Dhar, a commodities analyst at Commonwealth Bank, wrote in a research, "We expect Brent oil futures to fall below $100/bbl by the end of the fourth quarter of 2022."


Following the termination of force majeure on oil exports last week, the National Oil Corp of Libya stated that crude oil production had resumed at several oilfields.


One of Canada's primary oil export conduits, the Keystone pipeline, was operating at reduced rates for a third straight day on Wednesday, operator TC Energy (NYSE:TRP) said in a statement, while repairs to a third-party power plant in South Dakota continued.

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