Biden arrives in Saudi Arabia to mend ties, expect more OPEC action
U.S. President Biden visited Saudi Arabia on Friday (15th) to try to tinker with the campaign and meet with Saudi Arabia’s de facto leader, Crown Prince Mohammed bin Salman, and Biden expects Saudi Arabia to increase in the coming weeks. More action is being taken on energy supply, and the two sides are also finalizing agreements in the areas of mobile technology, peacekeeping and equality.Read the full article…
No rate hike 4 yards! Fed officials have expressed support for raising interest rates by 3 yards
Following the U.S. inflation data report in June, the market has worried that the Federal Reserve (Fed) will raise interest rates by 4 yards (100 basis points) to stabilize inflation, but officials have come out one following another to appease the market. 15) Fed hawk James Bullard and dove Raphael Bostic expressed their positions in different fields, suggesting that the next rate hike of 3 yards (75 basis points) is enough.Read the full article…
U.S. Michigan consumer confidence rebounds in July, inflation expectations decline
A preliminary survey released by the University of Michigan on Friday (15th) showed that consumer confidence rebounded from a record low last month, and consumer expectations for long-term inflation also fell, making the market aggressive towards the Federal Reserve (Fed). Expectations of a rate hike fell sharply, and U.S. stocks extended their intraday gains.Read the full article…
U.S. retail sales rose 1% in June, better than expected
Data released by the U.S. Commerce Department on Friday (15th) showed that the monthly growth rate of retail sales rose to 1% in June, beating market expectations of 0.8% and turning positive from a revised previous value of -0.1%, the best since March. That means consumer spending is resilient even as inflation hits a 40-year high and raises the odds that the Federal Reserve will raise interest rates more significantly this month.Read the full article…
