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As of 8:00 a.m. eastern time on October 9, Hurricane Milton is expected to make landfall late Wednesday or early Thursday as a major hurricane on the west coast of Florida with ...
Commercial crude oil inventories in the United States, which are not accounting for those in the Strategic Petroleum Reserve, were up by 5.8 million barrels to t 422.7 million ...
ICE Brent slumped yesterday to settle at $77.2/bbl (down around 5% for the day) along with other commodities as demand concerns from China weighed on the market sentiment. A ...
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Israeli Prime Minister Benjamin Netanyahu’s office said he spoke with US President Joe Biden for the first time in more than a month as Washington looks to temper Israel’s ...
The Energy Information Administration and the Natural Gas Supply Association recently released reports forecasting colder winter weather trends for the Lower 48. This may suggest ...
The manager turned first to a review of developments in financial markets. Nominal Treasury yields declined notably over the period, driven by weaker-than-expected data releases—especially the July employment report in early August—and policy communications that were seen as affirming expectations that a reduction in policy restraint would begin at this meeting. The decline in nominal yields over the period was primarily attributable to lower expected real yields, but measures of inflation compensation declined as well. Broad equity prices finished the period modestly higher, while credit spreads had come off the very tight levels seen earlier this year but were still narrow by historical standards. Overall, risky asset prices were compatible with continued economic expansion. The manager also discussed the brief episode of elevated market volatility in early August. That episode saw some large moves in U.S. and foreign equity indexes, equity-implied volatilities, the dollar–yen exchange rate, and Treasury yields. These sharp moves appeared to be the result of a rapid unwinding of some speculative trading positions induced by unrelated events—such as the unexpectedly inflation-focused communications from the Bank of Japan (BOJ) in late July and the weaker-than-expected U.S. employment report in early August—and amplified by technical and liquidity factors. All told, the unwinding process was contained, and market functioning recovered relatively quickly. Turning to policy expectations, the manager noted that the market-implied policy rate path shifted down materially. At the time of the September meeting, the modal path for the federal funds rate implied by options prices was consistent wit post: *FED: 'SOME' OFFICIALS WOULD HAVE PREFERRED QUARTER-POINT CUT *FED: 'SUBSTANTIAL MAJORITY' BACKED HALF-POINT RATE CUT post: FED MINUTES: ALMOST ALL PARTICIPANTS AGREED UPSIDE RISKS TO INFLATION HAD DIMINISHED. post: FED MINUTES: SEVERAL DISCUSSED IMPORTANCE OF COMMUNICATING QUANTITATIVE TIGHTENING COULD CONTINUE FOR 'SOME TIME' EVEN AS RATES ARE REDUCED
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- Posted: Oct 9, 2024 11:49am
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