(Bloomberg) -- Oil fell to the lowest in more than a year as persistent concerns about weakening demand overshadowed the potential for OPEC+ to delay supply increases. Most Read from BloombergHow Air Conditioning Took Over the American OfficeHong Kong’s Arts Hub Turns to Selling Land to Stay AfloatThe Outsized Cost of Expanding US RoadsGlobal benchmark Brent slipped 1.4% to settle at $72.70 a barrel, the lowest closing price since June 2023. OPEC+ members are close to an accord that would pause
In an essay published today, Atlanta Fed president Raphael Bostic said he believes the central bank cannot wait until inflation hits 2% to begin cutting interest rates and that while the job market has weakened it’s not “weak.”
(Reuters) -U.S. economic activity expanded more slowly from the middle of July through late August and businesses pulled back on hiring, signals that underscore why the Federal Reserve is set to begin to lower interest rates later this month. The U.S. central bank's latest temperature check on the health of the economy also showed that inflation pressures increased at a modest pace, with input costs viewed by all but one of the Fed's 12 districts as generally easing. "Economic activity grew slightly in three districts, while the number of districts that reported flat or declining activity rose from five in the prior period to nine in the current period," the Fed said on Wednesday in the survey known as the "Beige Book," which polled the business contacts of each regional Fed bank through Aug. 26.
(Bloomberg) -- Bond traders are bracing for wilder market swings in the US than in Europe amid signs the world’s largest economy is faltering.Most Read from BloombergHow Air Conditioning Took Over the American OfficeHong Kong’s Arts Hub Turns to Selling Land to Stay AfloatThe Outsized Cost of Expanding US RoadsA measure of volatility in US rate markets over the coming month rose to the highest since July 2023 on a closing basis on Wednesday. The move came after data showed job openings fell to t
(Reuters) -Federal Reserve policymakers are increasingly attentive to the U.S. labor market as they prepare for a policy-setting meeting later this month, when their assessment of job-market health will be key to how big an interest-rate cut they deliver. Analysts largely expect the Fed to stick to a quarter-point reduction, given that employers have continued to hire although at a slower pace than before, and with the unemployment rate on the rise but still at a relatively low 4.3%. But data on Wednesday showing job openings in July fell to the lowest level in three and a half years may add to the sense that the job market may be nearing a tipping point, and could build the case for a larger rate cut.
Job openings data released on Wednesday showed the labor market continued to cool in July as investors search for clues on how aggressively the Federal Reserve will cut interest rates in 2024.
