LONDON—Oil slipped on Tuesday as investor concern over the risk of a U.S. debt default was balanced by support from a tighter market due to a seasonal rise in gasoline demand and supply cuts from OPEC+ producers. President Joe Biden and House Speaker Kevin McCarthy ended talks on Monday with no agreement on how to…
Uncontrolled Immigration Is ‘Sending Australians Into Poverty’: Freelancer CEO
May 23, 2023
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Australiaaustralian housingBusiness & Marketseconomic policieseconomyhousing affordabilityimmigrationInternationalWorld
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Matt Barrie, CEO of Freelancer—the world’s largest online marketplace for freelancers—has lambasted the Albanese Labor government for boosting immigration to record highs. In a speech at the Sydney 2050 Summit last week, Barrie said the Albanese government’s policy to bring in 700,000 migrants by next year was “not about the economy, but inflating GDP.” The…
Markets Nervous on Fed Ceiling Uncertainty, US Yields Rise
LONDON/HONG KONG–Markets were cautious on Tuesday, as the latest talks over the U.S. debt ceiling offered something for optimists and pessimists, leaving European shares just shy of last week’s 15-month top, and U.S. benchmark yields at their highest in two months. President Joe Biden and House Speaker Kevin McCarthy could not reach an agreement on…
Biden, McCarthy Have ‘Productive’ Meeting But No Deal Yet on Debt Ceiling
May 22, 2023
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Business & Marketscongresseconomic policiesExecutive BranchHouse Speaker Kevin McCarthyPolicies & ImpactsPoliticsUSUS debt ceilingUS NewsUS President Joe Biden
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House Speaker Kevin McCarthy (R-Calif.) and President Joe Biden clearly defined their areas of disagreement over raising the debt ceiling and cutting federal spending, paving the way for negotiators from both sides to iron out a deal. Emerging from a 90-minute conversation at the White House on May 22, McCarthy described the meeting in positive…
PBO Stands By Report That ‘Clean Fuel Regulations’ Will Hurt Canadian Households Financially
Despite fierce criticism from the Liberals, the Parliamentary Budget Officer (PBO) stands by his analysis of the government’s Clean Fuel Regulations (CFR), which finds that Canada’s lower-income households will bear a greater burden in terms of disposable income due to the increased costs associated with the policy. The CFR aims to reduce carbon emissions from fossil…
Fed’s Kashkari Open to Holding Rates Steady at Next Policy Meeting in June
May 22, 2023
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Business & Marketseconomic policieseconomyFederal Open Market Committee (FOMC)inflationinterest ratesMarketsNeel KashkarirecessionU.S. InflationUS
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Minneapolis Fed President Neel Kashkari, a member of the central bank’s rate-setting monetary policy committee, is open to pausing interest rates at the next policy meeting in June. He told the Wall Street Journal on May 21 that members of the Federal Open Market Committee (FOMC) need more time to assess the results of previous rate increases…
US Will Run Out of Money to Pay Bills by June 8: Goldman Analyst
Alec Phillips, a research chief political economist at Goldman Sachs, expects the United States to have time until June 8 before the country runs out of money to service its payments. Earlier, Treasury Secretary Janet Yellen had said that the X-date—the date when the United States will be unable to pay its bills and thus…
Wall Street Opens Flat Amid Debt Limit Talks; Micron Slides
Wall Street’s main indexes opened flat on Monday as markets awaited updates on lawmakers’ talks about raising the U.S. debt ceiling, while shares of Micron fell following China’s ban on its memory chips. The Dow Jones Industrial Average fell 18.09 points, or 0.05 percent, at the open to 33,408.54. The S&P 500 opened lower by…
Dollar Calm as Debt Ceiling Talks to Resume
LONDON—The dollar was steady against the euro and yen on Monday, as U.S. debt ceiling negotiations were set to resume and after Federal Reserve Chair Jerome Powell indicated he favours a meeting-by-meeting approach when it comes to future policy moves. The greenback was down 0.1 percent at 137.85 yen to start the week, having snapped…
Oil Steady as US Default Risk Offsets Demand Outlook
LONDON—Oil prices were steady on Monday as caution relating to U.S. debt ceiling talks dragged on optimism over demand later in the year and offset support from lower supplies from Canada and OPEC+ producers. Brent crude futures rose 13 cents, or 0.2 percent, to $75.71 a barrel by 0850 GMT, while U.S. West Texas Intermediate…
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