LONDON—Oil prices were steady on Thursday, as optimism over recovering Chinese demand was offset by U.S. oil inventories hitting their highest in months and signs the U.S. Federal Reserve could keep raising interest rates. Brent crude futures gained 30 cents to $85.39 a barrel by 0856 GMT, while U.S. West Texas Intermediate (WTI) crude futures…
Oil Prices Steady After US Stockpile Swell
Oil Prices Steady After US Stockpiles Swell
LONDON—Oil prices were steady on Thursday, as optimism over recovering Chinese demand was offset by U.S. oil inventories hitting their highest in months and signs the U.S. Federal Reserve could keep raising interest rates. Brent crude futures dipped 12 cents to $84.97 a barrel by 1227 GMT, while U.S. West Texas Intermediate (WTI) crude futures…
Fed Official Says Central Bank ‘Needs to Raise Rates Aggressively to Put a Ceiling on Inflation’
Minneapolis Fed President Neel Kashkari said on Feb. 7 that the central bank will need to keep aggressively raising interest rates, pointing to a stronger-than-expected jobs report in January. Kashkari told CNBC’s “Squawk Box” that the Bureau of Labor Statistics (BLS) report published on Feb. 3 (pdf) shows that the Federal Reserve’s aggressive monetary tightening policies over…
World Shares Mixed After Wall Street Falls on Rate Hike Worries
BANGKOK—Shares advanced in Europe after a mixed session Thursday in Asia as uncertainty persists over interest rates and inflation. Benchmarks rose in Paris, London, Shanghai, and Hong Kong but fell in Tokyo, Seoul, and Sydney. U.S. futures gained while oil prices also were higher. Germany’s DAX added 1.4 percent to 15,621.11 and the CAC 40…
States Have Record-High Cash Reserves to Help Blunt Impact of Recession
States across the United States are more financially prepared to weather a recession, with record-high cash reserves that are expected to increase further this year, according to the National Association of State Budget Officers (NASBO). According to the latest data from NASBO, state reserves, also known as rainy-day funds, increased 58 percent over fiscal 2020 levels, to reach a new…
American Households Burn Through Pandemic Savings, Lose Spending Power Amid High Inflation
The savings cushion that many Americans built up during the COVID-19 pandemic is dwindling as people struggle with elevated decades-high inflation, with the overall savings rate dropping below pre-pandemic levels, to its lowest in almost 15 years. In January 2020, the personal saving rate of American citizens was 9.1 percent, according to data from the…
eBay to Lay Off 500 Employees
E-commerce firm eBay Inc. said on Tuesday it will lay off 500 employees globally, representing 4 percent of its total workforce. Shares of the San Jose, California-based company rose about 1 percent in aftermarket trade. “This shift gives us additional space to invest and create new roles in high-potential areas—new technologies, customer innovations, and key…
Dollar Slips After Powell Strikes Balanced Tone on Inflation
LONDON/SINGAPORE—The dollar fell on Wednesday after Federal Reserve Chair Jerome Powell declined to meaningfully harden his tone on inflation, despite very strong U.S. jobs numbers last week. In a question-and-answer session before the Economic Club of Washington on Tuesday, Powell said interest rates might need to move higher than expected if the U.S. economy remained…
Oil Rises for 3rd Day as Rate Hike Concerns Ease
LONDON—Oil rose for a third straight day on Wednesday as investor concern eased about U.S. interest rate hikes and an industry report pointed to a drop in U.S. crude inventories. Comments from U.S. Federal Reserve Chair Jerome Powell on Tuesday were seen as less hawkish than feared, boosting risk appetite and weighing on the dollar….
Yellen: ‘You Don’t Have a Recession’ When US Unemployment at 53-year Low
WASHINGTON—U.S. Treasury Secretary Janet Yellen on Monday said she saw a path for avoiding a U.S. recession, with inflation coming down significantly and the economy remaining strong, given the strength of the U.S. labor market. “You don’t have a recession when you have 500,000 jobs and the lowest unemployment rate in more than 50 years,”…
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