Overseas Headlines – March 17, 2021

United States:

Fed’s Dot Plot May Back Up Powell’s Patience: Decision-Day Guide

“While Federal Reserve Chair Jerome Powell has promised to maintain aggressive support of the U.S. economy, the central bank’s quarterly economic forecasts will show how many of his colleagues share his commitment. The Federal Open Market Committee is all but certain to hold interest rates near zero at the conclusion of its two-day policy meeting on Wednesday, and repeat a vow to keep buying bonds at the current $120 billion monthly pace. The panel will release a statement and its forecasts at 2 p.m. in Washington and Powell will hold a press briefing 30 minutes later.”



Russia Considers Spending Wealth Fund Billions on Infrastructure

“Russia may spend billions of dollars from its wealth fund this year on infrastructure and other investments, and projects related to Rosneft PJSC’s huge Vostok Oil venture in the Arctic are high on the list of candidates, according to two officials with knowledge of the discussions. The largesse could represent a significant boost in spending as the government has been cutting back on other stimulus introduced last year amid the coronavirus pandemic, the officials said, speaking on condition of anonymity to discuss plans that aren’t yet public. President Vladimir Putin last week gave the government a month to draw up a list of specific investments for the fund.”



India to Cut Saudi Arabian Oil Imports and Buy More From U.S.

“Indian refiners plan to buy less oil from the Middle East in the coming months as OPEC+’s supply restrictions makes U.S. crude more attractive. Strong gasoline demand due to people favoring private vehicles amid the Covid-19 pandemic and a slower recovery in diesel is also giving low-sulfur American grades an edge over heavier and more sour Middle Eastern varieties, officials at three state-run refineries in the the world’s third-biggest oil importer said.”




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