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Federal Reserve Chairman Warsh will hold a monetary policy press conference in ten minutes.On July 30th, Federal Reserve officials kept interest rates unchanged, but the vote was divided, showing that some policymakers are increasingly convinced that a rate hike is needed to curb rising inflation. Logan, Hammark, and Kashkari all voted against a 25-basis-point increase. This marks the fifth consecutive time officials have chosen to keep rates unchanged. The rest of the committees post-meeting statement was entirely consistent with the statement released after the June meeting. Officials reiterated their commitment to "achieving price stability." However, the dissenting votes suggest that for Fed Chair Warsh, who just took office in May, continuing to hold rates steady will face greater challenges if inflation concerns intensify. Trump has repeatedly called for rate cuts, including this Monday. Warsh, nominated by Trump to be Fed Chair earlier this year, stated that he would ensure policy decisions are not influenced by politics.On July 30th, in this interest rate decision, three of the five regional Federal Reserve presidents voting on the Federal Open Market Committee (FOMC) voted against it: Cleveland Fed President Hammark, Minneapolis Fed President Kashkari, and Dallas Fed President Logan. All three unanimously advocated for a 25 basis point rate hike. This is the first time since September 2016 that the Fed has seen three unanimous dissenting votes in a single policy decision, reflecting a growing voice within the Fed supporting a tightening policy. Fed Chairman Warsh, who supports maintaining the current interest rate, has consistently emphasized the Feds responsibility to curb inflation. He is expected to be asked at the press conference at 2:30 AM Beijing time why he believes continuing to be patient remains the most appropriate policy option.Market expectations indicate that the market is no longer fully pricing in a September rate hike by the Federal Reserve.Nick Timuraos, the Feds mouthpiece: The FOMC decided to keep interest rates unchanged with a 9-3 vote. Three regional Fed presidents voted against a 25-basis-point rate hike. This is the first time since 2016 that the Fed has received three unanimous dissenting votes in a single policy decision.

EU May Revise Green Objectives to Abandon Russian Energy

Charlie Brooks

Apr 11, 2022 09:36

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Following Russia's invasion of Ukraine in February, the European Commission suggested that Europe reduce its reliance on Russian gas supplies by two-thirds this year and phase them out entirely by 2027.


In May, the Commission is expected to present a "Repower EU" proposal outlining how the union might phase out Russian fossil fuels.


"What we're going to do over the next few weeks is work on what I'm calling the Repower EU program, which includes accelerating the energy transition. Thus, in that framework, we may reconsider our objectives "Timmermans said this to journalists on a visit to Cairo.


Timmermans declined to provide specific numbers for potential revised standards, but said such an adjustment would result in a "greater proportion of renewable energy in 2030."


By 2030, the EU's current plans call for renewable energy to account for 40% of final consumption.


Egypt, which is hosting the COP27 climate conference in November and re-exports Israeli gas from LNG facilities on its Mediterranean coast, might assist the EU in diversifying its gas supplies, Timmermans said.


"If we can get more LNG in the area - and we'll have to wait and see how much Israel makes available - that would be a viable option," he added.


"At its heart, what I'm presenting is a long-term strategic collaboration that begins with LNG and swiftly expands to include renewable energy, particularly hydrogen," he continued.

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