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LONDON, June 21 (Reuters) - Oil prices stabilised on Wednesday ahead of Federal Reserve Chair Jerome Powell's congressional testimony later in the day and as data showing British inflation remained sticky raised the possibility of a hawkish Bank of England policy decision this week. The main market focus is on Fed officials due to speak later in the day, with Chair Powell's congressional testimony on the economy on Wednesday and Thursday the highlight. However, should Powell prompt a hawkish return of rate cut expectations, the U.S. dollar could see some support, ING strategist Francesco Pesole said in a note. A stronger U.S. dollar is bearish for oil as it makes commodities more expensive for holders of other currencies. Oil prices drew some support from a possible drawdown in U.S. crude stocks, with Reuters poll among five analysts estimating that crude stockpiles fell by about 400,000 barrels on average in the week to June 16.
Persons: Jerome, Brent, Craig Erlam, Powell, Francesco Pesole, Rowena Edwards, Katya Golubkova, Trixie Yap, Emelia Sithole, Louise Heavens Organizations: Federal, hawkish Bank of, . West Texas, Bank of England, U.S, ING, Reuters, American Petroleum Institute, Energy, Administration, Thomson Locations: bank's Washington, U.S, Tokyo, Singapore
WASHINGTON — Federal Reserve Chairman Jerome Powell spoke by phone with two Russian pranksters earlier this year who falsely claimed to be President Volodymyr Zelenskyy of Ukraine. "Chair Powell participated in a conversation in January with someone who misrepresented himself as the Ukrainian president," a Fed spokesperson told CNBC on Thursday. The video appears to have been edited, the Fed spokesperson said, adding that they could not confirm the video's accuracy. Powell does not appear to have said anything controversial during his call with the Zelenskyy impersonators, according to Bloomberg, which first reported the prank. Yet the sheer fact that two well known allies of Russian President Vladimir Putin were able to evade detection and speak to Powell directly raises serious questions about security procedures at the central bank's Washington headquarters.
If proven correct, that would mean around 1.5 million more Americans would go unemployed by the end of next year. New projections reveal that, for more than a million working Americans, that pain could be severe. Officials now see the unemployment rate climbing to 3.8% by the end of the year, up slightly from the latest reading of 3.7%. The unemployment rate only counts out-of-work Americans who are still measured as in the labor force and actively looking for a job. If the labor force grows throughout next year, then the 4.4% unemployment rate will equate to even more jobless Americans.
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