In Today's Digital Newspaper First quarter U.S. economic growth was 2%, up from 1.3% first reported in major GDP revision. Meanwhile, U.S. initial jobless claims unexpectedly drop. Updates on both below.
With Congress out for the July 4th recess, time to bottom line where the farm bill process is going. Details in Policy section. U.S. energy regulators have approved the Mountain Valley Pipeline's request to resume construction. More in Energy & Climate Change section. U.S. equities yesterday: Major U.S. stock indices ended Wednesday mixed to mostly lower after a session where the Dow was unable to climb into positive territory and the Nasdaq and S&P 500 also shifted between losses and gains. The Dow ended down 74.08 points, 0.22%, at 33,852.66. The Nasdaq rose 36.08 points, 0.27%, at 13,591.75. The S&P 500 edged down 1.55 points, 0.04%, at 4,376.86.
For key crops that extensively use genetically modified seed such as corn, soybeans, and cotton, seed prices increased by an average of 463% during this period. In 2014, GM seed prices reached their highest point, costing farmers 639% more than the 1990 levels. Powell indicated that despite a prompt response from regulators to the initial crisis, lessons had to be learned about the speed at which bank runs could unfold. He emphasized the unexpected swiftness with which Silicon Valley Bank failed, contrasting it with long-standing assumptions that bank runs usually occur over days or weeks.
Fed Bank of St. Louis report: Stubborn Inflation, economic resilience major themes in U.S. outlook. The article, authored by Kevin L. Kliesen, focuses on key economic factors in the United States such as stubborn inflation, economic resilience, and the Federal Open Market Committee's ongoing commitment to returning inflation to a 2% target. Despite a tightened monetary policy and subsequent decrease in headline inflation, core inflation remains high.
• Russia is facing significant challenges in its gas industry following its invasion of Ukraine, which led to a decrease in sales to Europe, its primary gas buyer. In the aftermath, Russia has been unsuccessful in finding replacement buyers for approximately 90 billion cubic meters of pipeline gas, the estimated loss in flow to Europe last year. This absence of buyers is exerting further pressure on Russia's already sanctioned economy.
• The union representing dockworkers at British Columbia ports issued a notice that their members are prepared to strike on Saturday. Bloomberg. Surovikin, who earned his alias, "General Armageddon," for his intense bombing tactics in Syria, was upgraded last fall to lead Russia's invasion of Ukraine. Despite a quick demotion, Surovikin remained popular amongst Russia's hardline pro-war faction and acted as the intermediary between Prigozhin and the military establishment in Moscow as their conflict escalated.
— Why Treasury Secretary Janet Yellen wants to go to China. Yellen said one reason she hopes to visit China is to meet "a new group of leaders" as she reiterated calls for cooperation on crucial global challenges."We need to get to know one another," Yellen told MSNBC.
The draft envisions the creation of a national agriculture germplasm bank, an enclosed space for preserving living plant tissue, to support grain production. The proposed law also seeks to enhance grain storage, distribution, and emergency food supply mechanisms. To curb food wastage, this draft law includes measures to outrightly ban the illegal destruction of immature grain crops often caused by early harvest for land earmarked for construction projects.
The strained relationship between the two nations was on display during Secretary of State Antony Blinken's recent visit to Beijing. Blinken voiced frustration that China was uncooperative in establishing closer military communication channels, a crucial step to prevent incidents from escalating into conflicts.
If an agreement cannot be reached, both U.S. tariffs and EU retaliatory measures are due to automatically resume in October. These tariffs currently stand at 25% on steel and 10% on aluminum from Europe with EU retaliation targeting products like bourbon whiskey and Harley-Davidson motorcycles.
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