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Oil tanker drivers in the north of England will strike later this month, potentially risking regional disruptions to fuel supplies within the UK just weeks before the country holds a general election. About 50 drivers based in Stanlow in northwest ...
More weakening: Real (inflation-adjusted) Income and spending was negative in April. The PCE price index remained flat at 0.3 percent for the month and 2.7 percent for the year. chart Personal Income and Outlays, April 2024 The BEA’s Personal ...
The U.S. gasoline market is flashing signs of weakness at the start of summer driving season, a time it generally picks up strongly, and analysts say this clouds the picture for oil demand ahead of the OPEC+ group policy meeting that kicks off this ...
Many central banks are at a critical juncture in their current monetary policy cycles as they assess whether it would be appropriate to embark on an easing phase following one of the most aggressive episodes of monetary tightening in recent history. ...
WTI futures futures trade lower on Friday to end the month below $78. Todd Colvin has more.
Gold futures trade lower on Friday but higher on the week. Bob Iaccino has more.
GBP rallies for a second session on strong U.K. mortgage data and a weak USD. Bob Iaccino explains.
Stablecoin issuer Tether Holdings Ltd. has acquired a $100 million stake in Bitdeer Technologies Group, the US-listed Bitcoin miner owned by Chinese billionaire Jihan Wu, with an option to purchase an additional $50 million in shares within a year. ...
U.S. President Joe Biden on Friday vetoed a congressional disapproval of the U.S. Securities and Exchange Commission's accounting bulletin on crypto assets. "By virtue of invoking the Congressional Review Act, this Republican-led resolution would ...
For nearly 20 years of my life, I looked with great anticipation to the time of the year when April rolled into May and June. The explosion of spring and the approach of summer were wonderful. But, more importantly, this meant that graduation season had arrived. As a professor at the University of Southern California, it was again time to don my cap and gown and celebrate the amazing accomplishments of an amazing group of people. It was my happiest time of the year. At graduation, no matter where it is, everybody seems to be floating on air, almost dancing. Maybe the electric slide? Now I have to tell you, I was a little bit afraid to use that reference, as it might show my age. Do you guys know that dance? Don't worry, I'm not going to demonstrate. At least not in this cap and gown. Can you imagine this hood on that hard turn to the right?! Now I recognize the youngsters in the crowd here might gravitate to a different step, but please bear with this Gen Xer. My overarching point is this: it is a great personal privilege to share in the pride, joy, and excitement this evening brings. Congratulations to the class of 2024! I know that it has taken a lot of effort to get here. You graduates definitely worked hard. But let's not forget the sacrifice from all the others: friends, family, mentors, teachers, administrators. This is truly a team effort. Let me give a particular shout-out to President Jermaine Whirl, who is presiding tonight. And thank you, Dr. Whirl, for inviting me to speak. I've gotten to know Dr. Whirl in his capacity as an adviser to the Atlanta Fed, and I have to say that you've got a special man here. Now, you just heard my bio, so you know I'm an economist. That may have triggered an "uh-oh" in your mind. Well, don't worry. I'm not going to give a dull economics lecture. I'll leave those discussions for TV interviews. I'm not even going to talk about interest rates. It wouldn't much matter if I did, though, as I'd only be speaking for myself and not for the Fed or any of my Fed colleagues across the country. Tonight is about you. You are about to embark on a wonderful journey, full of twists and turns, for sure. But this journey will also present you with opportunities broader and more diverse than you could imagine. You can't know this right now, but you will have chances to be more than you think, to be bigger than you think, to be more impactful than you think. I know because it's happened to me. Take this job, for example. Being a Federal Reserve Bank president was nowhere on my dream job list 10 months before I started doing it. I was contacted in August, offered the job in March, and was in the job, living in the South for the first time in June of 2017. The same goes for my time in the Obama Administration. In the 2008 election Americans chose Barack Obama as their leader, and I didn't think too deeply about it. I was doing my professor gig. I was happy teaching students like you and doing research on housing. At the time, the country was in the midst of a housing crisis. But I was still surprised when I got a call in December from Washington asking if I would be willing to meet with folks about a leadership role in the Administration. Well, I was confirmed by the Senate in the late spring and started work in the summer. That all happened in just seven months, folks! You may be wondering why that surprised me. After all, it was during a housing crisis, as I mentioned, and I was a housing expert. Well, the truth was that I didn't see myself that way. Like many of you, I figured my only direct connection to presidential and federal policy was voting. I couldn't imagine myself in a bigger-picture role. My view of what was possible was limited to what I saw and knew. I was where you are now. So, having been in your shoes, let me offer two pieces of advice. First, be open to the unexpected. People will see things in you that you haven't seen in yourself, post: FED'S BOSTIC: NO COMMENT ON MONETARY POLICY IN SPEECH TEXT
US diesel demand plummeted to its lowest seasonal level in 26 years in March, driven by slowing economic growth. Product supplied of distillate — the fuel that powers trucking, heating and heavy industry — plunged to 3.67 million barrels a day, ...
CNBC’s Mackenzie Sigalos on what’s happening at Consensus 2024, a crypto conference in Austin.
The ECB will start with gradual rate cuts next week while important US macro data will give clues for the path for US rates ahead. We are skeptical that risk-sensitive currencies, such as the NOK will continue to rally. Even with core inflation ...
The June 3 week focus will be firmly on labor market conditions and how these might affect the upcoming FOMC meeting on June 11-12. The monthly employment report for May is set for release at 8:30 ET on Friday. The change in nonfarm payrolls will be ...
These days, it feels like the US solar industry is constantly in the news. Whether it’s new solar generation records in Texas, or shrinking residential solar demand, the dynamic industry continues to garner national attention. And this is especially ...
Federal Reserve officials received reassurance this week that inflation remains on a downward — albeit bumpy — path, but policymakers are unlikely to waver from their message that they need more evidence. The Fed’s preferred measure of underlying ...
Palladium prices won’t recover unless the mining industry cuts supply further, according to the boss of a South African producer. Palladium – mostly used to curb emissions from gasoline vehicles – has fallen 72% since peaking in March 2022 following ...
Major OPEC+ producers will gather in Riyadh this weekend to debate oil output cuts after the Saudi-led group revised its meeting plans for a second time. Top officials from Kazakhstan, Russia, the United Arab Emirates and Kuwait are among those due ...
Japan's cryptocurrency exchange DMM Bitcoin said on Friday that it had lost 4,502.9 bitcoin, worth about 48.2 billion yen or $308 million, in what the company called an "unauthorised leak". It gave no details of how the incident occurred or whether ...
Confirming what everyone knew, this morning Japan's finance ministry confirmed that it spent a record ¥9.8 trillion ($62.2 billion) over the past month, but really on two occasions, in a failed attempt to prop up the yen after it fell to a 34-year ...