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On May 28th, Federal Reserve Governor Lisa Cook stated in a speech at a Stanford University event that inflation is heading in the wrong direction, and she is prepared to raise interest rates if this continues. While Cook indicated she currently favors keeping borrowing costs unchanged and expects price growth to cool again in the coming months, her remarks align with the views of many Fed officials that accelerating inflation is now a greater policy concern than the labor market. Cook stated, "I want to be clear about my risk assessment: the risks still tilt towards higher inflation." Cook indicated that five years of inflation exceeding the Feds 2% target poses a risk that price pressures are embedded in price and wage setting behavior. "Therefore, if the expected process of inflation easing does not materialize in time, I am prepared to raise interest rates," she said.Reserve Bank of New Zealand Governor Brehman: Recognizing that it will take some time to see the impact of higher oil prices on the broader industry.Federal Reserve Governor Cook: It may take a long time to see structural changes in the economy brought about by artificial intelligence.The API reported that U.S. crude oil production increased by 629,000 barrels per day in the week ending May 22, compared with a previous weeks decrease of 78,000 barrels per day.U.S. refined product imports for the week ending May 22 (API) fell by 171,000 barrels per day, compared to 282,000 barrels per day in the previous week.

Panasonic Anticipates A Rise in Global Automobile Production This Fiscal Year

Aria Thomas

Jun 01, 2022 14:49

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Panasonic (OTC:PCRFY) Holdings Corp, which manufactures batteries for Tesla (NASDAQ:TSLA) and other automakers, stated on Wednesday that it anticipates a recovery in global vehicle production this fiscal year, but that the two-year semiconductor shortage will persist.


Masashi Nagayasu, CEO of the Japanese conglomerate's automotive business, which manufactures in-car infotainment systems and other auto components, stated, "We will operate our business in consideration of the risks of fluctuations in vehicle manufacturing."


Nagayasu stated on the first day of Panasonic's annual investor event that the company has no plans to produce automobiles.


Panasonic, whose automotive division accounts for approximately 14 percent of its entire revenue, anticipates a 19 percent increase in sales for the fiscal year ending in March 2023. It anticipates an operational profit increase of roughly 17 percent.


Due to component shortages caused by COVID-19 lockdowns in China and higher commodity prices as a result of Russia's invasion of Ukraine, the company stated last month that it did not anticipate a profit increase for this fiscal year.


(This item corrects the firm name in paragraph 1 to Panasonic Holdings Corp from Panasonic Corp, and the sales growth forecast in paragraph 4 to 19 percent from 10 percent, and the operating profit forecast to nearly 17 percent from 15 percent decline.)


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