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On September 17th, UK government bond yields fell slightly ahead of the Bank of Englands interest rate decision. Investors expect rates to remain unchanged and will focus on the vote split and the Bank of Englands assessment of the second-order inflation effect. Data from the London Stock Exchange Group shows that the market only prices in a 19% probability of a rate hike on Thursday, but fully anticipates three 25 basis point rate hikes by March 2027. The Federal Reserve raised rates on Wednesday as widely expected. Warsh emphasized that inflation remains very high, increasing the prospect of further rate hikes by the Fed at future meetings. Tradeweb data shows that the 10-year UK bond yield fell 1.3 basis points to 5.282%.On September 17th, Commerzbank analyst Michael Pfister stated in a report that the Bank of England is likely to hold rates steady at its meetings on Thursday and subsequent days, refusing to raise interest rates, which would put the pound at risk of decline. He indicated that even if the Bank of England decides to raise rates this year, the markets current expectation of "more than four rate hikes by the end of next year" is unlikely to materialize. "Given the weak labor market, we still believe the Bank of England is more likely to disappoint market expectations than other central banks, therefore we maintain our expectation of a weaker pound."On September 17, local time, Ukrainian President Volodymyr Zelensky signed a presidential decree appointing Anton Kovalsky as acting Prosecutor General. The decree has been published on the website of the Ukrainian Presidential Palace. On September 14, Zelensky signed a presidential decree dismissing Kravchenko from his post as Prosecutor General. Previously, the Ukrainian National Anti-Corruption Service had launched an investigation into Kravchenko, and Kravchenko was implicated in related cases. Kovalsky will serve as the head of the Khmelnytskyi Regional Prosecutors Office from July 1, 2025.On September 17th, Kimi, the Dark Side of the Moon, announced the release of its financial industry solutions. According to the announcement, all users can install and experience nine financial skills and over 10 data source plugins at kimi.com. Professionals and developers can install and access data source plugins and financial skills through the Kimi Work desktop client and Kimi Code. Additionally, there is the Kimi Hosted Agents service for enterprises.On September 17th, ING stated that as India moves up the value chain into service sectors that are harder to automate, there are few signs that its outsourcing industry is being replaced by artificial intelligence. Economist Deepali Bhargava wrote that software services exports as a percentage of GDP have risen from 3.3% before the pandemic to approximately 5.2%. During the same period, business services, including finance, accounting, engineering, research, and analytics, more than doubled their share of GDP to 3.3%. This performance challenges concerns that generative AI could weaken one of Indias most important industries by automating traditional outsourcing work. According to ING data, India accounts for more than half of the global outsourcing industry, earning approximately $205 billion annually from software services exports and supporting about 5.8 million workers. Software and business services exports combined account for about 8.5% of GDP and are a significant source of foreign exchange.

The United States is contemplating adding more ethanol to gasoline in order to cut pump costs

Charlie Brooks

Mar 31, 2022 10:36

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The assessment comes as President Joe Biden attempts to rein in surging gas prices, which reached a new high last month after Russia's invasion of Ukraine in late February. To punish Russia for the invasion, the United States and other consumer nations have blocked imports of oil from Russia, a key global supplier.


Increasing the amount of ethanol in gasoline mixes has the potential to lower petrol prices at U.S. gas stations since ethanol, which is derived from maize, is now less expensive than plain gasoline.


The EPA said it couldn't comment on whether the move was being considered, but that it was "examining a number of measures throughout the administration to assist offset repercussions from Russia's activities on American consumers."


The ethanol sector would appreciate the measure, as it has sought to raise sales of the E15 fuel mix and abolish summertime limits on it. E15 contains up to 15% ethanol, compared to 10% in regular gasoline in the United States.


The summertime ban on E15 was established due to fears that it adds to pollution in hot weather, despite studies indicating that the 15% mix of fuel may not increase smog in comparison to the more prevalent 10% blends available year-round.


A bipartisan coalition of Farm Belt politicians in the United States has lobbied the White House to repeal the summertime restriction.


Earlier this month, senators from Iowa and Illinois, the two largest corn-producing states, requested Biden in a letter to authorize the sale of E15 during the 2022 driving season, saying that the increased ethanol would cut consumer prices.


However, since ethanol is manufactured from maize, the change has the potential to raise food prices. Previously, the Biden administration investigated whether suspending rules for biofuels to be integrated into the nation's fuel mix may help offset a rise in food component prices such as maize and soy oil.


Inflation is considered as a key danger to Democrats in the midterm elections in November.

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