Powell signals Fed will raise interest rates at March meeting
Fed Chairman Jerome Powell on Wednesday said the central bank intends to raise its policy interest...
Fed Chairman Jerome Powell on Wednesday said the central bank intends to raise its policy interest rate following the end of its two-day meeting on March 16, despite uncertainties from the Russian invasion of Ukraine.
“With inflation well above 2% and a strong labor market, we expect it will be appropriate to raise the target range for the federal funds rate at our meeting later this month,” Powell said, in remarks prepared for delivery to the House Financial Services Committee.
Most economists think the Fed will hike rates by a quarter-point at the March meeting. Speculation of a half-percentage point hike has waned in the aftermath of Russia’s invasion of Ukraine.
Exxon Mobil to exit major Russian venture, will not invest in new developments
Exxon Mobil Corp. said late Tuesday it is halting operations of its Sakhalin-1 LNG venture in...
Exxon Mobil Corp. said late Tuesday it is halting operations of its Sakhalin-1 LNG venture in Russia and is taking steps to exit the project as a response to Russia’s invasion of Ukraine.
“ExxonMobil supports the people of Ukraine as they seek to defend their freedom and determine their own future as a nation. We deplore Russia’s military action that violates the territorial integrity of Ukraine and endangers its people,” Exxon said in a statement. “We are deeply saddened by the loss of innocent lives and support the strong international response. We are fully complying with all sanctions.”
Additionally, “Given the current situation, ExxonMobil will not invest in new developments in Russia,” the company added.
From Twitter: BRENT's six-month calendar spread is signaling a severe shortage of oil
BRENT's six-month calendar spread is...
BRENT's six-month calendar spread is signalling a severe shortage of oil as sanctions cut off exports from Russia. The spread is currently trading in a backwardation of more than $13 per barrel. Last time backwardation was this severe was in Sep-Oct 1990 after Iraq invaded Kuwait pic.twitter.com/tZ0NupP0A7
Oil prices surge over 7% as global crude reserve release disappoints
Oil prices surged over 7% on Tuesday to their highest since 2014, as a global...
Oil prices surged over 7% on Tuesday to their highest since 2014, as a global agreement to release crude reserves failed to calm fears about supply disruptions from Russia's invasion of Ukraine, and instead underscored energy shortage concerns.
Members of the International Energy Agency (IEA), which includes the United States and Japan, agreed to release 60 million barrels of crude from their reserves to try to quell the sharp increase in prices that pushed major benchmarks past $100 a barrel. read more
Brent futures rose $7.00, or 7.1%, to settle at $104.97 a barrel, their highest close since August 2014.
U.S. West Texas Intermediate (WTI) crude rose $7.69, or 8.0%, to settle at $103.41. That was its highest close since July 2014 and its biggest daily percentage gain since November 2020.
U.S. stocks end sharply lower as Russia attacks Ukraine cities
U.S. stock benchmarks skidded lower and the Dow Jones Industrial Average recorded one of its...
U.S. stock benchmarks skidded lower and the Dow Jones Industrial Average recorded one of its worst losses of the young year while oil prices surged to highs not seen since 2014 as Russia’s invasion of Ukraine was in its sixth day.
President Joe Biden is slated to address the nation at 9 p.m. Eastern Time, which is expected to include comments about surging inflation and the conflict in Eastern Europe.
The Dow Jones Industrial Average DJIA, -1.76% finished off nearly 600 points, or 1.8%, to 33,294. Its finish was close to the level, 33,119.69, which would put the blue-chip benchmark in correction territory, or down 10% from its recent peak, joining the S&P 500 and the Nasdaq Composite.
The S&P 500 indexSPX, -1.55% closed off 1.6% lower at 4,306.20, led by declines in financials SP500.40, -3.71%, down 3.7%.
The Nasdaq Composite Index COMP, -1.59% fell 1.6% to around 13,532.
The 10-year Treasury note yields around 1.72%, down over 11 basis points from its 3 p.m. ET Monday rates.
