March 20, 2026
United States:
Fed’s Waller Cautious On Oil, May Advocate Rate Cuts Later
Federal Reserve Governor Christopher Waller said he is cautious about how surging oil prices on the back of the Iran war will impact inflation, though a weak job market may still call for interest-rate cuts later this year.
“Caution is warranted,” Waller said Friday in an interview on CNBC. “It doesn’t mean that I’m going to stay put for the rest of the year. I just want to wait and see where this goes, and if things go reasonably well, and the labor market continues to be weak, I would start advocating again for cutting the policy rate later this year.”
Europe:
UK Posts Bigger-Than-Forecast Budget Deficit on Debt Costs
Britain borrowed more than forecast in February, boosted by a surge in debt-interest costs even before turmoil hit bond markets following the outbreak of war in the Middle East.
Spending exceeded tax revenue by £14.3 billion ($19.2 billion) as the Treasury paid out more interest than in any February on record, the Office for National Statistics said on Friday. The deficit was higher than the £8.8 billion shortfall predicted by economists and double the forecast the Office for Budget Responsibility made in November.
Asia:
Asia Buys Most US Oil in Years as War Blocks Mideast Flows
Asian buyers have scooped up the most US oil in three years, as the Strait of Hormuz crisis spurs a hunt for alternatives to Persian Gulf crude.
A flurry of purchases in recent days has taken the amount of Asia-bound American oil to be loaded in April to about 60 million barrels, according to traders familiar with the deals, who asked not to be named. That’s the most for a month since April 2023, data from Kpler Ltd. and Vortexa Ltd. show.
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