November 27, 2023
United States:
White House Touts New Supply Chain Measures as Inflation Eases
The Biden administration will announce a redoubling of measures to strengthen supply chains on Monday, expanding an effort it credits with helping to ease post-pandemic inflation.
Central to the effort is a new White House Council on Supply Chain Resilience, a cabinet-level body that President Joe Biden will inaugurate Monday. The council will conduct a quadrennial supply chain review, mirroring similar strategic documents prepared for national defense and homeland security. The first review is due at the end of 2024.
Europe:
Russian Oil Refining Rises as Maintenance Ends, Fuel Ban Lifted
Russia’s oil processing climbed to the highest since mid-August in the latest week, as refineries ended seasonal maintenance and the government relaxed fuel-export restrictions.
The country processed 5.65 million barrels a day in the Nov. 16-22 period, more than 100,000 barrels a day above the previous week, according to a person with knowledge of the matter. Refining totaled 5.55 million barrels a day in the first 22 days of November, up about 236,000 barrels compared with most of October, Bloomberg calculations based on historic data show.
Asia:
Hong Kong Cash Demand Sends Local Bank Rate to 16-Year High
A gauge of bank funding costs in Hong Kong jumped to the highest in 16 years, as year-end demand for cash exacerbates an already-tight liquidity environment.
The one-month Hong Kong interbank offered rate, or Hibor, rose 15 basis points to 5.53%, the highest since October 2007. Demand for the local currency is on the rise as lenders stockpile cash for regulatory purposes, sucking capital from the interbank system.
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