In Today’s Digital Newspaper Some Federal Reserve officials are signaling they plan to keep interest rates steady in June while retaining the option to hike further in coming months. Skipping an increase would give policymakers time to assess data but not preclude future tightening, Governor Philip Jefferson said Wednesday. The message was echoed by Philadelphia Fed President Patrick Harker, who also urged a June pause.
Drones struck two oil refineries in southern Russia on Wednesday as Western officials said Moscow was moving to shore up defenses in border areas and along the 900-mile front with Ukraine ahead of a planned counteroffensive by Kyiv. More in Russia & Ukraine section. The Dow lost ground during May, falling by around 3.5% while the Nasdaq gained 5.8% and the S&P 500 edged up 0.3%.
• S&P Global's U.S. manufacturing index for May is expected to hold at 48.5, unchanged from a preliminary reading. After Jefferson’s remarks, traders scaled back the odds of a rate hike at the June FOMC meeting to about 35%, from nearly 60% a day earlier. Fed focus. Federal Reserve Chair Jerome Powell and several of his colleagues have been keeping a close eye on a narrow measure of inflation that focuses on service industries excluding housing. Why? And should they bother?"Policymakers are paying particular attention to nonhousing services inflation, which is considered most closely linked to wages.
— Ukraine’s grain, oilseed production and exports to fall sharply. Ukraine’s combined grain and oilseed crop production is expected to fall 5.8 MMT to 68 MMT this year, Ukrainian grain traders union UGA forecasts. The grain harvest could include 17.9 MMT of wheat and 23.3 MMT of corn, which would be down from 20.2 MMT and 27.3 MMT, respectively, in 2022. Oilseed production is expected to rise. UGA said combined exports of grains and oilseeds could total 43.
The United Nations has suggested that Ukraine, Russia, and Turkey commence work on the transit of Russian ammonia via a pipeline through Ukraine, Reuters reported. This proposal is alongside ongoing discussions aimed at expanding the Black Sea Grain Initiative. These reports of negotiations follow disruptions and highlight ongoing efforts to find common ground and sustainable solutions in the region. The U.N.
Domestic discretionary spending authority in the deal will be $112 billion below the Congressional Budget Office baseline for fiscal 2024 and $136 billion below the baseline for fiscal 2025. Republicans also get better leverage to avoid being jammed with another giant omnibus spending bill this year.
On the cost side, input prices fell for the second month on the back of better supply chains and lower prices of metals, food, and fuel. Sentiment slipped to a 7-month low, on concerns over lingering uncertainty, particularly from overseas."Current economic growth lacks internal drive and market entities lack sufficient confidence," highlighting the importance of restoring demand," said Dr. Wang Zhe, an economist at Caixin Insight Group.
China has criticized the U.S. for its portrayal of the incident, with the Foreign Ministry accusing the U.S. of endangering China's national security by conducting regular close-up reconnaissance using ships and planes. Reasons why. Kendler indicated in her comments to the Senate Banking, Housing and Urban Affairs Committee that the decline could be a result of companies' reluctance to submit license applications for transactions they believe are likely to be rejected. This is due to the increased scrutiny the Commerce Department is putting on know-your-customer checks and its advice on export red flags.
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