A busy week for the economy. The Fed is pretty much a lock to hike interest rates by...
A busy week for the economy. The Fed is pretty much a lock to hike interest rates by a ginormous 75 basis points on Wednesday for the fourth straight meeting. Evidence that its inflation-fighting campaign is working could come on Friday, with the October jobs report. Plus: lots more earnings.
It’s about to get dark really early. Daylight Saving Time ends at 2am ET Sunday, so while we’ll get an extra hour of sleep that night, it also means watching the sunset from your desk at work for the next few months.
The World Series heads to Philly. The Phillies and the Astros each took one game apiece in Houston, and the teams will play Game 3 tonight in front of a frenzied—and very wealthy—crowd in Philly. The minimum to get in the door is $900.
Russia said it would stop participating in an UN-brokered deal that allows Ukrainian grain to be shipped to world markets, accusing Kyiv of a major drone attack in Crimea (Ukraine didn’t publicly claim responsibility for the attack). US officials bashed the move as weaponizing food supplies and said it would increase the risk of starvation around the world. The EU is urging Russia to change its mind.
Rampant Food And Fuel Inflation Spells Disaster For Emerging Economies
According to the World Bank’s latest ...
According to the World Bank’s latest Commodity Markets Outlook report, the shrinking value of currencies in most developing countries is driving up food and fuel prices in ways that are likely to continue to deepen the crises that many of them already face.
Almost 60% of oil-importing emerging-market and developing economies have seen an increase in domestic-currency oil prices since Russia invaded Ukraine, courtesy of currency depreciations, according to the World Bank.
Further, nearly 90% of these economies have recorded a larger increase in wheat prices in local-currency terms compared to the rise in U.S. dollars.
Benchmark U.S. crude oil for December delivery fell $1.18 to $87.90 a barrel Friday. Brent crude for December delivery fell $1.19 to $95.77 a barrel.
Wholesale gasoline for November delivery fell 10 cents to $2.91 a gallon. November heating oilrose 22 cents to $4.55 a gallon. December natural gas fell 20 cents to $5.68 per 1,000 cubic feet.
