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On February 7th, Federal Reserve Vice Chairman Thomas Jefferson stated that the central banks current interest rate stance is "perfectly suited" to a robust economic situation, indicating that he is in no hurry to resume the rate cuts that the Fed paused in January. Jefferson noted that although inflation has consistently exceeded the Feds 2% target, he expects the downward trend in inflation to resume later this year. He also estimates the overall economic condition to be good, with economic growth projected to reach approximately 2.2% by 2026. He stated, "I see some signs that the labor market is stabilizing, inflation is poised to return to our 2% target, and sustainable economic growth will continue." Jefferson noted that the three rate cuts implemented by the Fed between September and December of last year adjusted interest rates to a range of 3.5% to 3.75%—close to market expectations of a "neutral level," a level that neither stimulates nor inhibits the economy. He pointed out that this stance strikes a reasonable balance between the two major risks facing the central bank.February 7th - On the evening of February 6th local time, following the conclusion of the US-Iran nuclear negotiations, Iranian Foreign Minister Araqchi left Muscat, the capital of Oman. Reportedly, in an interview after the negotiations, Araqchi stated that the Iranian delegation must return to Tehran to consult on "key issues" and prepare for future negotiations.Federal Reserve Vice Chairman Jefferson: Tariffs are a key driver of inflation in 2025, and price pressures should ease in 2026.Federal Reserve Vice Chairman Jefferson: Although upside risks remain, I expect inflationary pressures to ease.Federal Reserve Vice Chairman Jefferson: Tariffs are likely just a one-off change in price levels.

Oil prices fall owing to rising U.S. stocks and weaker demand

Skylar Williams

Jul 13, 2022 11:03

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Oil prices dipped in early Asian trade on Wednesday with the release of U.S. inventory data indicating a rise in crude oil and refined products, amid rising fears of a global economic slowdown.


Brent oil futures shed 68 cents, or 0.7 percent , to $98.81 a barrel at 0002 GMT. The price of U.S. West Texas Intermediate crude oil dropped 72 cents, or 0.8 percent, to $95.12 a barrel, which is also the lowest level in three months.


Concerned that aggressive interest rate increases to battle inflation may precipitate a recession, which will severely influence oil consumption, investors have sold their oil holdings. Due to volatile trading, prices dropped by more than 7 percent in the previous session.


China's renewed COVID-19 travel restrictions had an effect on the market. Multiple cities in the world's second-largest economy have enacted further restrictions, ranging from firm closures to wider lockdowns, to prevent the spread of a highly dangerous virus strain.


During the week ending July 8, crude oil stocks climbed by around 4.8 million barrels in the United States. According to market sources citing data issued by the American Petroleum Institute on Tuesday, gasoline supplies grew by 3 million barrels, while distillate stockpiles increased by 3,3 million barrels.


The dollar index, which compares the dollar to a basket of six other currencies, reached its highest level since October 2002 on Tuesday, reaching 108.56.


Since oil is frequently priced in U.S. dollars, a stronger dollar makes the commodity more expensive for foreign currency holders. During times of market volatility, the dollar is often viewed as a safe haven by investors.


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