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On May 22, Federal Reserve Governor Jerome Waller stated on Friday that given the growing risks of inflation, the Fed should no longer consider further interest rate cuts as a default plan. This comes after Wallers support for rate cuts in January. In a speech, Waller said that with the ongoing conflict in the Middle East, rising costs of oil and other commodities are increasingly likely to trigger broader and more persistent inflation in the economy. He stated that it is time for the Fed to stop signaling that its next move is most likely another rate cut. Waller indicated that maintaining interest rates in the current range of 3.5% to 3.75% is likely the right approach for the foreseeable future. He added, "If inflation does not subside quickly, I cannot rule out the possibility of future rate hikes."Federal Reserve Governor Waller: No changes to policy rates should be expected in the near term; the outcome will heavily depend on the duration of the conflict in Iran. Inflation faces the risk of becoming more persistent, and price pressures are increasing.Federal Reserve Governor Waller: The current stance is to keep interest rates stable in the near term.Federal Reserve Governor Waller: If inflation expectations lose their anchor, interest rates will need to be raised.The US April Conference Board Leading Economic Index monthly rate, the final May University of Michigan Consumer Sentiment Index, and the final one-year inflation expectations will be released in ten minutes; Federal Reserve Governor Waller will also speak in ten minutes.

Phillips 66 Trademarks Mark Lashier will Succeed Greg Garland as CEO

Haiden Holmes

Apr 13, 2022 09:44

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Lashier, a chemical engineer who joined the firm three decades ago in the chemicals division, was named president and chief operating officer a year ago after leading Chevron Phillips Chemical Co, the company's joint venture with Chevron Corp (NYSE:CVX), since 2017.


Garland has considered refining as a mature company and has concentrated its efforts on expanding its energy infrastructure, chemicals, and establishing a presence in electric vehicle battery components. It spent around $150 million last year for a 16.5% share in Novonix Ltd, an Australian provider of lithium-ion battery materials.


Garland "built a market-leading diversified energy manufacturing and logistics organization while investing for the future and producing solid financial returns," according to Glen Tilton, lead independent director of Philips 66.


Although the Houston company's non-refining initiatives have generated great shareholder returns, its shares have lately underperformed bigger competitors that benefitted from increasing gasoline margins during pandemic lockdowns.


Lashier is expected to pursue Garland's diversification approach, which includes biofuels, hydrogen, and battery components. However, he must demonstrate that he can match competitors Marathon Petroleum Corp (NYSE:MPC) and Valero Energy (NYSE:VLO), which increased shareholder returns by selling off retail operations and diversifying into renewable diesel, analysts said.


Phillips 66 (NYSE:PSX) traded at $81.97 on Tuesday, up 13% year to date, compared to 34% year-to-year gains at Marathon and Valero and around 96% year-to-date gains at PBF Energy (NYSE:PBF).


"Lashier's task is to increase the company's value," Matthew Blair, an analyst at Tudor Pickering Holt & Co., said. "He will face inquiries regarding the company's non-refining businesses' value and what he can do to boost stock price performance and capitalize on the potential valuation."

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