From AP News The U.S. economy slowed sharply in the April-June quarter even as consumers stepped up their spending. The gross domestic product, the economy’s total output of goods and services, grew at a 2.1% annual rate last quarter, down from a 3.1% gain in the first quarter, the Commerce Department estimated Friday. But consumer spending, which drives about 70%
From Reuters U.S. stocks declined on Friday, as the S&P 500 retreated after closing at a record for three straight sessions, following an unexpectedly strong U.S. payrolls report that caused investors to rethink how dovish a turn the Federal Reserve may take. The U.S. Labor Department data showed nonfarm payrolls rose by 224,000 jobs in June, the most in five
From the Los Angeles Times Despite pressure from President Trump to lower borrowing costs, Federal Reserve officials on Wednesday left their key interest rate unchanged and indicated that they were divided on whether there would be rate cuts in the coming months. Even though about half of the Fed’s monetary officials see a rate cut later this year, the other
By Tyler Losier, Energy Reporter, Oil & Gas 360 Actually, it’s been a rough few weeks for crude oil. West Texas Intermediate near-month futures are down just about 20% since WTI peaked at $66.60 in late April of this year, closing out yesterday at $53.25. And by the look of today’s NYMEX chart, it seems as though the rollercoaster ride
From Bloomberg St. Louis Fed chief says trade war poses risk to U.S. economy, Bullard says yield curve may signal Fed policy is too tight The Federal Reserve may need to cut interest rates soon to prop up inflation and counter downside economic risks from an escalating trade war, St. Louis Fed President James Bullard said. “A downward policy rate
Higher gasoline costs sent consumer price index soaring in April
From Bloomberg Median could shift to two increases from three in 2019 Fed chief says rates ‘just below’ range of neutral estimates Federal Reserve Chairman Jerome Powell opened the door for a potential pullback in projected interest-rate hikes for 2019 following a widely expected increase in December. In what was seen as a shift in tone from remarks
Kansas City Federal Reserve Bank economist Nida Cakir Melek asks the thought provoking question in a report released by the bank today. The bank posits that “the oil sector has become increasingly important to the U.S. economy over the past decade, and total U.S. business fixed investment appears to have followed oil investment’s pattern in recent years. “This positive correlation
Yield on 30-year bond also tops 2018 peak to four-year high From Bloomberg The yield on 10-year Treasuries rose to the highest level since 2011, eclipsing the previous 2018 peak set in May as economic data helped fuel optimism about the American economy. The rate on 30-year securities reached a four-year high and the dollar gained. Improved investor appetite for
The oil and gas sector in Texas remained strong through March according to the Dallas Fed’s new report. Prices for WTI crude oil rose slightly in March, staying close to $63 per barrel and oil production in the Permian Basin and Eagle Ford rose again. Employment spiked up in February and is at its highest level since late 2015, while
Activity in the Eleventh Federal Reserve District’s energy sector gained momentum in the fourth quarter of 2017, according to the Dallas Fed Energy Survey. The business activity index—the survey’s broadest measure of business conditions—climbed over 10 points to 38.1, with the increase driven by the exploration and production side of the industry. Oil and gas production increased for the fifth
Fed is likely to raise its key rate two more times – Dallas Federal Reserve The last time the world’s central banks diverged on policy came as the Fed increased its key rate in December 2015. It’s happening again. The U.S. Federal Reserve continued its policy of quantitative tightening last week by raising the key rate 25 basis points, and
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