Fed raises interest rates a quarter point, saying inflation remains 'elevated'
The Federal Reserve on Wednesday raised its key interest rate and revamped the guidance in a...
The Federal Reserve on Wednesday raised its key interest rate and revamped the guidance in a dovish direction.
The quarter percentage point move puts the Fed’s benchmark rate in a range of 5%-5.25%. This is just below the prior peak of rates before the Great Recession of 2008.
The Fed reworked its language, scrapping prior language that “some” additional hikes “may” be needed.
Crescent Energy Bolt-on Adds Eagle Ford Assets for $600 Million
Crescent Energy Co. has entered into an agreement to bolt on assets in the Eagle...
Crescent Energy Co. has entered into an agreement to bolt on assets in the Eagle Ford Shale from Mesquite Energy Inc. — formerly Sanchez Energy — in a $600 million cash deal.
Crescent said the definitive purchase agreement with Mesquite Energy provides operatorship and working interests and significantly enhances Crescent’s scale in the Eagle Ford. The deal continues the shale play’s recent M&A hot streak following a hot first quarter.
The Mesquite Energy assets are 100% operated and span approximately 75,000 contiguous net acres, primarily located in Dimmit and Webb counties, Texas, according to a May 2 Crescent press release.
The energy sector is set for a mixed-to-lower start as losses in the crude...
The energy sector is set for a mixed-to-lower start as losses in the crude complex outweigh modest gains in the major market futures. U.S. stocks are trading higher in the pre-market, following yesterday’s sell-off as investors brace themselves for the outcome of the Fed’s meeting later today. Earnings are heavy across the sector with producers, services and refiners reporting 1Q results.
WTI and Brent crude oil futures are extending yesterday’s sharp losses and are now trading at levels last seen in March.Oil futures are lower as growth concerns increased ahead of the Federal Reserve’s policy decision and amid a wave of short-selling and profit-taking by money managers. Investors have now pivoted from a short-covering rally that saw managers increase their positions by 245 million barrels over the previous four weeks. Hedge funds and money managers sold the equivalent of 87 million barrels in the six most important petroleum futures and options contracts over the seven days ending on April 25. Additionally, Morgan Stanley cut its Q3-23 Brent price outlook to $77.50 from $90, citing resilient Russian supply and the belief that much of the demand boost from China's reopening has taken place.
US stock futures rise early Wednesday, as investors await the Fed's latest policy...
US stock futures rise early Wednesday, as investors await the Fed's latest policy decision. The S&P Global US Services PMI data for April is also due later this morning.Check out the latest market moves.
On the docket: PepsiCo, QUALCOMM, and Gilead Sciences, all reporting.
Central bankers convened Tuesday to kick off their ...
Central bankers convened Tuesday to kick off their two-day meeting that everyone expects to culminate in a quarter-point hike that would bring the Fed's benchmark rate to a range of 5.0%-5.25%. The last time the fed funds rate hit that level was during the housing boom in 2006, in the run-up to the 2008 crisis.
The thing to watch today is whether Powell gives any hints as to what comes next as far as policy and whether he makes any reference to rate cuts to come later this year.
