May 22, 2023
Fed’s Bullard Sees Two More Interest-Rate Hikes Needed in 2023 to Cool Prices
Federal Reserve Bank of St. Louis President James Bullard said he expects the central bank will need to raise interest rates twice more this year to quell inflation.
“I think we’re going to have to grind higher with the policy rate in order to put enough downward pressure on inflation and to return inflation to target in a timely manner,” he said Monday during a moderated discussion at an event in Fort Lauderdale, Florida.
Russia’s Oil Flows Stay High Even as Moscow Insists Cuts Made
Russian crude oil flows to international markets still show no sign of the output cuts the country insists it is making.
Four-week average seaborne shipments, which smooth out some of the volatility in weekly numbers, rose for a sixth straight week in the period to May 19, edging close to 4 million barrels a day. Flows are now up by 15% since the first week of April and hit a new high for the period since Bloomberg began tracking them in detail at the start of 2022. With almost all Russia’s crude going to China and India, volumes to Asia also climbed to a new peak. More volatile weekly flows edged lower.
China’s Buying a Lot of Commodities From Russia, Just Not Wheat
China’s wheat imports are booming, but one top supplier is missing out: Russia.
The Asian nation is on track to be the largest buyer of the food staple this season, and Russia is the biggest exporter. While Beijing said last year that it would allow imports from all parts of Russia, trade has been hampered by a slew of issues, including phytosanitary regulations and transport challenges.
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