Real-time News

U.S. officials: The U.S. Department of Defense has awarded Microsoft (MSFT.O) a $9.7 billion enterprise software contract in an effort to reduce costs.

Reserve Bank of New Zealand Governor Brehman: Supply chains and oil prices will have a greater impact on the government budget than expected.

Wells Fargo (WFC.N) CEO: Consumer spending has improved in recent weeks, and while businesses remain cautious, their financial situation is good.

Reserve Bank of New Zealand Governor Brehman: The committee believes that inflationary pressures will increase in the future, and the cash rate needs to be raised further.

Reserve Bank of New Zealand Governor Brehman: I've heard that export-oriented businesses are performing well, but are concerned about the uncertain environment.

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 Fed's 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.

Moody's: The country cap on local currency and the country cap on foreign currency in the Democratic Republic of Congo remain unchanged.

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 week's 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.

U.S. crude oil imports for the week ending May 22 were down 223,000 barrels, compared with a previous week's down 88,000 barrels.

U.S. heating oil inventories were 246,000 barrels for the week ending May 22, compared with 180,000 barrels in the previous week.

U.S. API Cushing crude oil inventories fell by 2.875 million barrels in the week ending May 22, compared with a previous week's decrease of 1.428 million barrels.

U.S. API distillate fuel inventories for the week ending May 22 were 11.03 million barrels, compared with an expected decrease of 1.957 million barrels and a previous decrease of 1.047 million barrels.

U.S. gasoline inventories fell by 3.199 million barrels in the week ending May 22, compared with an expected decrease of 2.896 million barrels and a previous decrease of 5.795 million barrels.

Federal Reserve Governor Cook: We are also closely monitoring downside risks to the labor market.

Federal Reserve Governor Cook: There will be problems if oil prices go in the wrong direction.

Federal Reserve Governor Cook: Still watching oil prices.