When President Barack Obama received his Nobel Peace Prize less than 11 months after his inauguration in 2009, supposedly for, among other things, establishing “a new climate in international politics” in which “dialogue and negotiations are preferred as instruments for resolving even the most difficult international conflicts,” the young, new president with close to zero…
Inflation Is the Least of the Repercussions of Biden’s Incompetent Diplomacy
June 2, 2022
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Russia’s National Depository to Replace Citi as Eurobond Servicing Agent
June 2, 2022
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Russia is replacing Citibank, which has stopping servicing the country’s Eurobonds, with its own National Settlement Depository, the finance ministry said on Thursday, as it risks its first major external debt default in over a century. Sanctions imposed by Western countries and their allies on Russia after it started what it calls a “special military…
Wall Street Opens Lower as Microsoft Offsets Oil Relief
U.S. stock indexes opened lower on Thursday as shares of Microsoft fell after the company lowered its profit forecast, offsetting relief from a pullback in oil prices that eased worries about rising inflation. The Dow Jones Industrial Average fell 4.22 points, or 0.01 percent, at the open to 32,809.01. The S&P 500 opened lower by…
Producer Price Inflation in Eurozone Soars to Record High
Producer price inflation in the eurozone surged to a record high in the year through April, though month-over-month data showed inflationary pressures edging down, as European Central Bank officials consider how fast and how much to tighten monetary settings to tame soaring prices. The E.U. statistics office Eurostat said in a June 2 statement (pdf) that the…
Judy Shelton: Fed Can Only ‘Kill the Economy’ With ‘Whatever It Takes’ Approach
Jerome Powell and the Federal Reserve have been on a crusade to navigate the U.S. economy to a soft landing rather than a hard crash as it struggles to fight 40-year high inflation while averting a recession. Can the central bank achieve this ostensibly difficult objective? If the central bank’s track record is anything to…
US Treasury’s Adeyemo Says Global Phenomena, War Driving Inflation
June 2, 2022
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WASHINGTON—High inflation is being driven by global phenomena that could not be anticipated, including Russia’s invasion of Ukraine, U.S. Deputy Secretary of the Treasury Wally Adeyemo said on Wednesday, adding that U.S. demand remains strong. “I don’t think anyone saw the invasion—Russia’s invasion of Ukraine—coming, which is driving the high energy prices that we see…
Euro and Yen Rebound Versus Dollar, Swiss Franc Gains on Inflation Jump
LONDON—The euro and the yen rose on Thursday, reversing some of their recent losses against the U.S. dollar, while the Swiss franc hit a one-month high against the euro after Swiss inflation soared to its highest in 14-years. The dollar had risen to a three-week high versus the Japanese yen and rallied versus the euro…
Biden Says He Won’t Be Able to Bring Down Gas or Food Prices in Near-Term
June 2, 2022
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President Joe Biden said on Wednesday it was unlikely his administration would be able to bring down the cost of inflation, including gas and food prices, any time soon. The national average gas price reached a new record on May 17 at $4.67 a gallon, which is 45 cents higher than the price one month…
Biden Says No Fast Aid for Record Gas Prices
June 2, 2022
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President Joe Biden said on Wednesday it was unlikely his administration would be able to bring down the cost of inflation, including gas and food prices, any time soon. The national average gas price reached a new record on May 17 at $4.67 a gallon, which is 45 cents higher than the price one month…
Global Shares Mixed Amid Rate Hike, COVID-19, Oil Price Worries
TOKYO—World shares were mixed Thursday, with European benchmarks opening higher after a broad decline in Asia. Oil prices fell by more than $2 a barrel ahead of a meeting of OPEC set for later in the day. Oil-producing nations are expected to decide on output targets in their first meeting since Europe set sanctions on…
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