Gas prices drop to under $3 per gallon
Gas prices in 11 states are falling below $3 per gallon due to falling seasonal demand and cheaper winter gas. California’s price has dropped 60 cents in a month to $5.07. The Energy Information Administration expects US gasoline consumption to fall next year due to remote work, improved fuel economy, and high inflation. Gasoline prices…
Stock market slip due to inflation and CPI data
Stocks fell on Monday due to a critical US inflation number and consumer sentiment data amid high borrowing prices. The Nasdaq Composite fell 0.4%, while the S&P 500 and Dow Jones Industrial Average dropped 0.3% and 0.2%, respectively. Concerns over the US government’s finances increased after Moody’s downgraded its debt outlook.
Inflation data causing Wall St crash down
The Federal Reserve’s inflation reading and economic data this week could influence the duration of the Fed’s interest rate hikes, causing Wall Street’s key indexes to fall. Megacap growth stocks suffered as the 10-year Treasury yield climbed, while eight of 11 key S&P 500 sectors fell, with rate-sensitive real estate companies down 1.2%. The expected…
President US and China’s will meet at APEC
The White House has announced that President Joe Biden will meet Chinese President Xi Jinping face-to-face for the first time in a year at the Asia-Pacific Economic Cooperation (APEC) summit in San Francisco. The meeting will cover global topics such as the Israel-Hamas war, Russia’s invasion of Ukraine, North Korea’s connections with Russia, Taiwan, the…
US economic are not in favorable condition
Americans are less optimistic about the economy, with the University of Michigan consumer mood index falling below experts’ expectations. Long-term inflation forecasts have risen to a level not seen since 2011, with consumers expecting five-year inflation of 3.2%, up from 3% last month. Gas price expectations reached a year-high, and the Federal Reserve’s inflation expectations…
China’s oil imports have reached new highs
China’s oil imports from Iran have reached historic highs, as Iran increases output despite U.S. sanctions. Iran’s October output rose to 3.17 million barrels per day, the most since sanctions were imposed in 2018. China, Iran’s largest customer and world’s largest crude importer, acquired 1.05 million barrels per day of Iranian oil in the first…
The Fed statement caused a significant market reaction
Fed chair Jerome Powell’s hawkish statement on Thursday, which resisted early US interest rate cuts, caused a significant market reaction and prevented the S&P500 from achieving an eighth consecutive daily gain. Powell’s statement indicated that the central bank was not certain if its policy stance was restrictive enough to return inflation to 2%. The Treasury…
Will The Fed hold another rate hikes on December ?
Stocks surged and U.S. government bonds rose from 16-year lows due to falling Treasury yields. This paradox highlights the relationship between rates and financial conditions, which indicate an economy’s funding availability. As yields fall, investors worry that financial conditions could become too slack for the Federal Reserve, forcing it to keep rates higher longer to…