U.S. is on track for a ‘soft landing,’ says Goldman Sachs’s chief economist
It’s too soon to declare victory, but Federal Reserve Chair Jerome Powell is on track to navigate the...
It’s too soon to declare victory, but Federal Reserve Chair Jerome Powell is on track to navigate the U.S. economy to a soft landing.
That’s the view of Jan Hatzius, the chief economist of Goldman Sachs, in a new note to clients.
“Since the FOMC started hiking the funds rate early this year, we have argued that the U.S. economy can achieve a soft landing, even though the path is narrow. It requires sustained below-trend output growth, a rebalancing of the labor market via sharply lower job openings coupled with a moderate rise in unemployment, and a large decline in inflation. While much can still go wrong and our probability that a (mild) recession will start in the next year remains about one in three, we see some encouraging signs that the economy is moving toward all three of these goals,” he said in a note to clients.
The euro just dropped below $0.99 for the first time in 20 years after Russia halted gas flows
The ...
The euro has dropped below $0.99 for the first time in two decades after Russia halted the flow of natural gas through a key pipeline, intensifying the risk of a deep recession.
The currency of the 19-member eurozone was down 0.44% to $0.991 on Monday morning. It had earlier fallen to $0.988, its lowest level since the fall of 2002.
Fears about the global economy sent investors flocking towards the dollar, which is seen as a safe-haven asset. The dollar index was up 0.46% to a 20-year high of 110.04.
Gulfport Midcon Completes Two Wells in Grady County
Two Grady county wells drilled on a single pad had a combined production of 464 barrels of oil a day...
Two Grady county wells drilled on a single pad had a combined production of 464 barrels of oil a day but combined natural gas production was much greater. Gulfport Midcon LLC completed the two Nelda wells in March. The Nelda 2-4x33h, located at 4 4N 6W, a site several miles southwest of Alex had production of 154 barrels of oil a day but natural gas production totaled 12,923 Mcf of natural gas from a depth of 25,208 feet in the Woodford formation. It was completed March 10 of this year after an October 2021 spud date.
The sister well, the Nelda 4-4x33h produced 310 barrels of oil a day while the natural gas production totaled 19,528 Mcf a day. That’s a combined natural gas production of 32,451 Mcf a day. The well was spudded in July 2021 according to its completion report.
Oil prices climb as OPEC+ agrees to 100,000 barrel cut per day
Oil prices climbed on Monday as members of the Organization of...
Oil prices climbed on Monday as members of the Organization of Petroleum Exporting Countries and Russia agreed to cut output by 100,000 barrels a day in October.
Brent crude BRN00, -0.53%, the international standard, rose 3.6% to $96.31 a barrel on Monday afternoon trading in London. West Texas Intermediate CL.1, 2.37% the U.S. benchmark, rose 2.6% to $89.58.
Expectations ahead of the meeting were for no change, but Russia came around to supporting the change.
It reversed a 100,000 barrels a day increase last month after U.S. President Joe Biden visited Saudi Arabia.
Liz Truss to become next U.K. prime minister after winning Conservative election
Liz Truss has steadily risen through the Conservative Party over the past decade to become the country’s...
Liz Truss has steadily risen through the Conservative Party over the past decade to become the country’s 56th prime minister and the third female to hold the post.
The 47-year-old, like each of the three Conservative prime ministers before her, attended Oxford University. (Her top rival, Rishi Sunak, also is an Oxford grad.) She had a short career at Shell SHEL, +1.03% and Cable & Wireless before becoming a candidate for the Conservatives in 2001. She lost in a safe Labour seat, and then was defeated again in 2005, before securing the seat in 2010.
She held a variety of cabinet posts, most recently as international trade secretary and then foreign secretary under Boris Johnson.
