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Ukrainian Prime Minister: He and Besente discussed in detail the necessity of strengthening sanctions against Russia.On April 16th, Federal Reserve Chairman Mohamed Mussaleem stated on Wednesday that high oil prices could push core inflation nearly one percentage point above the Feds 2% target for the remainder of the year, potentially requiring the Fed to maintain interest rates. Mussaleem said, "We are likely to see some transmission of oil prices to core inflation," and that by the end of the year, the underlying measure of price increases will be "slightly below 3%, perhaps around 3%," with further upside risks. Mussaleem said the Fed is likely to keep its policy rate in its current 3.50%-3.75% range "for some time," while monitoring inflation, employment, and economic data in the coming months—a view shared by many of his colleagues. The impact of last years tariff increases may be fading this quarter, and housing price inflation is also weakening. With rising oil prices, inflation in a range of service sectors remains high, and he would be open to raising interest rates if inflation starts to rise and potentially boost inflation expectations. Mussaleem also stated that the oil market represents "the third negative supply shock in 12 months," and coupled with rising tariffs and stricter immigration regulations, the inflation outlook and the job market face risks, potentially impacting economic growth. He believes that economic growth will slow this year, but will still be between 1.5% and 2%.According to MS Now, citing two Pakistani officials, the US and Iran may return to Pakistan next week for negotiations.On April 16, it was reported that on April 15 local time, a majority of U.S. senators expressed support for President Trumps military action against Iran. The Senate voted 52 to 47 to reject a Democratic-led resolution aimed at preventing war until hostilities were authorized by Congress.Federal Reserve Chairman Mossallem: As economic growth slows, the unemployment rate may rise, but the increase may only be a fraction of a percentage point.

WTI advances toward $75.00 as China-related demand optimism offsets recession fears

Daniel Rogers

Jan 09, 2023 11:55

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In the early hours of Monday, WTI steadily climbs near the intraday high of $74.70 as bullish emotion competes with economic slowdown worries. Despite this, the weaker US Dollar and a light schedule allow buyers of black gold to maintain control following Friday's mixed performance.

 

In spite of this, the risk profile remains elevated in light of China's reopening of its borders after a three-year closure. On the same line, Guo Shuqing, party secretary of the People's Bank of China, made his remarks (PBOC).

 

Reuters, transmitting China unlock news, claimed that "about 2 billion journeys are anticipated this season, roughly doubling the volume of previous year, and recovering to 70% of 2019 levels," citing a statement from the Chinese government.

 

On the other side, PBOC's Shuqing stated, "The world's second-largest economy is likely to recover rapidly due to the country's optimal Covid-19 response and the continued implementation of its economic policies."

 

The US Dollar Index (DXY) fell the most in three weeks the day before, down 0.20% intraday to 103.70 as of press time, as the US employment report failed to excite greenback purchasers and the US activity numbers stoked fears of an economic slowdown. It's worth mentioning that the previous day's disappointing US wage growth, ISM Services PMI, and Factory Orders weighed on Treasury bond yields and the DXY.

 

On a different page, reports regarding a delay in the restoration of the colonial pipeline and the Russia-Ukraine conflict appear to also benefit energy buyers. Traders fear additional rate hikes ahead of the release of the Consumer Price Index (CPI) for December from China and the United States on Wednesday and Thursday, respectively, which tests the positive momentum.

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