Colorado River basin states reach agreement on water cutbacksNearly 85% of investors are pricing in a pause in interest rate hikes at the next Federal Reserve meeting June 13-14, according to the CME FedWatch Tool.
House leaders are set to vote on legislation tomorrow that would block the Biden administration's student loan relief program and scrap the pause on federal student loan payments and interest. The White House confirmed that if Congress were to pass the bill, the president would veto it. Home improvement chain Lowe's lowered its revenue outlook for the year, as lumber prices have fallen, and customers pared back spending on do-it-yourself projects. Lowe's same-store sales for the period ended May 5 fell more than Wall Street expected, and the company lowered its same-store-sales expectations for the year.
• U.S. new-home sales are expected to fall to an annual pace of 669,000 in April from 683,000 one month earlier. The container shipping market has turned from boom to bust with seeming head-spinning speed. Prices have fallen to the point where the big boxship lines are losing money on once-lucrative trans-Pacific routes, the Wall Street Journal reports in an ominous sign for the sector as the shipping industry approaches its peak season. Average daily freight rates from Asia to the U.S.
The Colorado River supports over 40 million people and plays a key role in seven western U.S. ag states as well as parts of Mexico and irrigates 5.5 mil. acres of farmland The new terminal would help to replace the ammonia transshipment volumes that were previously provided through Odesa. In its initial stage, the terminal could handle 1.5 million metric tons of ammonia per day. This capacity is planned to increase to 3.5 MMT by the end of 2025, alongside an additional capacity of 1.5 MMT for urea.
— Ukrainian-backed troops crossed into Russia in a surprise attack. Russia said that its military and security forces were fighting against Ukrainian units that had crossed into its southern Belgorod region, the largest such incursion into Russian territory since the war began.
Bloomberg reports that DA leader John Steenhuisen recently met with congressional and Senate staff in Washington to argue for South Africa's continued access to AGOA. Alan Winde, DA premier of the Western Cape province, is set to make a similar trip soon. Jennifer Sara, the global director for climate change, emphasized the importance of putting a cost on carbon emissions to stimulate investment and behavioral changes that can lower emissions. She asserted that the scope and cost of carbon pricing must continue to expand to trigger the transformative change required to achieve the temperature goals of the Paris Climate Agreement.
— Cell meat has big environmental impact. Cell-cultured meat often is portrayed as environmentally friendly because it uses less land and water than livestock, but it has a global warming potential of up to 25 times larger than beef depending on the growth media.— Sen. Tom Carper announced on Monday that he will not seek re-election in 2024 and will retire from the Senate at the end of his current term. He is Senate Environment and Public Works Committee Chair.
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