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☆ Morning Bid: This Fed's not for turning
▼ + stars: | 2023-10-03 | by ( ) www.reuters.com time to read: +5 min

The U.S. Federal Reserve building is pictured in Washington, March 18, 2008. That thought was echoed by Cleveland Fed chief Loretta Mester, who said: "I suspect we may well need to raise the fed funds rate once more this year." Either way, this is not the sound of a Fed who thinks the inflation battle is won. Fed hawkishness, however, has kept futures markets pricing a 50-50 chance of another quarter point rate hike to the 5.50-5.75% range by year-end. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Jason Reed, Mike Dolan, they've, Michelle Bowman, Loretta Mester, Michael Barr, hawkishness, Raphael Bostic, Susan Fenton Organizations: U.S . Federal, REUTERS, Reserve, Cleveland Fed, Institute, Supply, Bank of Japan, Reserve Bank of Australia, Big Tech, Atlanta Federal Reserve, Treasury, McCormick, PMI, Reuters, Thomson Locations: Washington, U.S

☆ Fed's Mester says one more U.S. rate hike may be needed
▼ + stars: | 2023-10-02 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

FILE PHOTO: Cleveland Fed President Loretta Mester takes part in a panel convened to speak about the health of the U.S. economy in New York November 18, 2015. REUTERS/Lucas Jackson/File PhotoNEW YORK (Reuters) - Federal Reserve Bank of Cleveland President Loretta Mester said Monday that the U.S. central bank most likely isn’t done raising interest rates amid ongoing inflation pressures. The Fed has raised rates aggressively over the last year and a half to help cool inflation. Ebbing price pressures allowed officials to keep the federal funds target rate range at between 5.25% and 5.5% in September. Mester said the economy has proved to be stronger than expected at the start of the summer.

Persons: Loretta Mester, Lucas Jackson, ” Mester, Mester’s, Michael Barr, Michelle Bowman, “, ”, Mester Organizations: Cleveland Fed, REUTERS, Federal Reserve Bank, Cleveland Locations: U.S, New York, Cleveland

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. Powell and Philadelphia Fed President Patrick Hasker will speak at a roundtable discussion, due 11 a.m. Later in the day, Cleveland Fed President Loretta Mester will speak on the outlook for the U.S. economy. Rivian Automotive (RIVN.O) advanced 2.9% after Evercore ISI raised the EV maker's stock to "outperform" from "in line". Reporting by Shubham Batra and Shashwat Chauhan in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Jerome Powell, Patrick Hasker, Loretta Mester, Russell Hackmann, Kevin McCarthy, bitcoin, Piper Sandler, Goldman Sachs, Shubham Batra, Shashwat Chauhan, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Federal, Philadelphia Fed, Cleveland Fed, Hackmann Wealth Partners, Democratic, Republican, Dow e, Nvidia, Rivian, ISI, EV, Thomson Locations: New York City, U.S, Powell, Singapore, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. Other megacap stocks including Apple (AAPL.O), Meta Platforms (META.O), Amazon.com (AMZN.O), Alphabet (GOOGL.O) and Microsoft (MSFT.O) advanced between 0.9% and 1.9%. Eight of the eleven S&P sub sectors were down, with the utilities index (.SPLRCU), often considered as a bond proxy, declining 4.9%. Declining issues outnumbered advancers for a 4.02-to-1 ratio on the NYSE and for a 2.27-to-1 ratio on the Nasdaq. The S&P index recorded two new 52-week highs and 48 new lows, while the Nasdaq recorded 19 new highs and 211 new lows.

Persons: Brendan McDermid, Tesla, Goldman Sachs, Jerome Powell, Michelle Bowman, Loretta Mester, Stocks, Paul Ashworth, Kevin McCarthy, advancers, Shubham Batra, Shashwat Chauhan, Vinay Dwivedi, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Federal Reserve, Nvidia, Apple, Microsoft, Cleveland Fed, North, Capital Economics, Democratic, Republican, Dow Jones, NYSE, Thomson Locations: New York City, U.S, North America, Bengaluru

☆ Morning Bid: October market fillip as government stays open
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +5 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. U.S. Treasury yields, whose relentless rise of late has been at the heart of market disturbances as it prices "higher for longer" interest rates, pushed higher again on Monday too. Ten-year yields were up five basis points to 4.62% - just shy of last week's 16-year peak of 4.69%. Key developments that should provide more direction to U.S. markets later on Monday:* US Sept manufacturing surveys by ISM and S&P Global. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Brendan McDermid, Mike Dolan, Kevin McCarthy, McCarthy, Goldman Sachs, Jerome Powell, Michael Barr, Loretta Mester, John Williams, Fitch, Nick Macfie Organizations: New York Stock Exchange, REUTERS, Democratic, Republican, Ukraine, Treasury, Bank of Japan, of, Petroleum, Reuters, P Global, Cleveland Fed, New York Fed, Tech, Moody's, U.S . AAA, Chicago, Thomson Locations: New York City, U.S, Russia, OPEC, China, France, Italy, Spain, Germany, York

☆ Morning Bid: Markets strap in for PMI data dump
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +3 min

A round of purchasing managers index (PMI) data from across the globe continues with Europe on Monday, following Chinese PMI data over the weekend that pointed to mixed levels of services and manufacturing activity last month. Markets have been feeling the pain after stocks, bonds and non-dollar currencies around the world mostly fell in the previous month, as investors adjusted to the idea that U.S. interest rates will stay elevated for longer. Meanwhile, the euro zone has been grappling with recession jitters amid a slew of other indicators, putting a damper on last week's good news that inflation in the area fell to its lowest in two years. Monday's final manufacturing PMI data from the EU will be closely watched after the preliminary report last month painted a mixed picture of the region's economic health; the index showed a rise in September from August's 33-month low, yet still lingered below the mark separating expansion from contraction. Meanwhile, oil prices are up again on Monday, reversing some of Friday's losses.

Persons: Brigid Riley, Luis de Guindos, Michael Barr, John Williams, Patrick Harker, Loretta Mester, Muralikumar Organizations: PMI, August's, Federal, Reuters, ECB, NY, Philly Fed, Cleveland Fed, Thomson Locations: Europe, Germany, France, Italy, Spain, Switzerland, Sweden, Cleveland

☆ Americans support strikes — until they affect their daily lives
▼ + stars: | 2023-10-01 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

The public will continue to support them – that is until the strikes begin to affect Americans’ daily lives. CNN reached out to the Justice Department for comment but has not received a response. The US Labor Department releases August figures on job openings, quits, hires and layoffs. The US Labor Department reports the number of worker filings for jobless benefits in the week ended September 30. The US Labor Department releases September data on the state of the job market, including payroll gains, wage growth and the unemployment rate.

Persons: –, ” Andrew Flowers, “, Eva Rothenberg, Suisse’s, Jerome Powell, Patrick Harker, Michael Barr, John Williams, Loretta Mester, Raphael Bostic, Michelle Bowman, Levi Strauss, Tom Barkin, Mary Daly Organizations: CNN Business, Bell, DC CNN —, Gallup, Guild of America, Teamsters, Reno, United Auto Workers, UAW, Toyota, Honda, CNN, Nationwide, UBS, DOJ, US Department of Justice, Credit Suisse, “ UBS, CS, Bloomberg, Justice Department, P Global, Institute for Supply Management, McCormick, US Labor Department, Atlanta Fed, Constellation Brands, Conagra, Co, US Commerce Department, Carnival Corp Locations: Washington, United States, Hollywood, Las Vegas, Germany, Russia

What they likely won't be changing: Keeping one more rate hike on the table. Given that rosier picture, Luzzetti - like most analysts polled by Reuters - says Fed policymakers probably won't lift the policy rate any further. Many other economists also expect Fed policymakers to signal fewer rate cuts next year. That's only a touch higher than the 3.2% rate the Fed had expected to see at the end of this year. Reuters GraphicsIf progress towards the Fed's 2% goal slows next year though, as many economists forecast, that may mean fewer interest rate cuts next year.

Persons: Sarah Silbiger, won't, Matthew Luzzetti, Luzzetti, Tim Duy, Duy, That's, Loretta Mester, Kathy Bostjancic, Ann Saphir, Dan Burns, Andrea Ricci Organizations: Eccles Federal Reserve, Washington , D.C, REUTERS, Federal Reserve, Deutsche Bank, Reuters, Reuters Graphics Reuters, U.S, Fed, Cleveland Fed, Thomson Locations: Washington ,, U.S, China

☆ ‘Immaculate disinflation’ is the new economic buzzword. But what does it mean?
▼ + stars: | 2023-09-06 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

New York CNN —Economists added yet another term to their lexicon in recent months: immaculate disinflation. That pain tends to come in the form of a higher unemployment rate, which hampers economic growth. Yet the nation’s unemployment rate actually fell from 3.6% in June 2022 to 3.5% in July 2023. That’s leading some economists to believe that immaculate disinflation may be possible. “I wouldn’t call this disinflation immaculate,” he said in a CNBC interview at last month’s Jackson Hole Fed conference.

Persons: there’s, that’s, aren’t, Jerome Powell, Powell, Alex Wong, Joe Biden’s, Jared Bernstein, ”, Jackson, “, Bernstein, Loretta Mester, ” Mester, it’s, Mester Organizations: New, New York CNN, CNBC, Fed, White, Cleveland Fed Locations: New York, United States

☆ Morning Bid: Early Labor Day for markets
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsSept 1 - A look at the day ahead in U.S. and global markets from Mike DolanLabor Day comes a bit earlier for markets this year, with Friday's release of the critical August jobs report coming just ahead of Monday's end-of-season U.S. holiday. A series of updates showed private sector hiring slowing in August, while job openings fell back in July and layoffs jumped. On the flipside, more up-to-date weekly jobless claims fell again and the consensus payrolls estimate has ticked higher from 150,000 only last week. Going into Friday's report, futures markets remain split and stand 50-50 on the chances of another hike by November. And whatever they think about peak rates, markets are also grappling with the prospect of rates staying up here for some time.

Persons: Brendan McDermid, Mike Dolan, JP Morgan, Saola, Gita Gopinath, Loretta Mester, Raphael Bostic, Alexander Smith Organizations: New York Stock Exchange, REUTERS, Mike Dolan Labor, JP, Atlanta, HK, European Central Bank, Broadcom, Treasury, P Global, Cleveland Federal, Atlanta Fed, Reuters Graphics, United States Reuters Graphics Reuters, Reuters, Thomson Locations: New York City, U.S, Hong Kong, Europe

Sept 1 (Reuters) - The U.S. Federal Reserve is likely done raising interest rates, traders bet on Friday after a government report showed the unemployment rate rose last month and wage growth cooled. Futures that settle to the Fed's policy rate had already priced in only a slight chance of a rate hike this month. "This report is likely to put the Fed on hold in September, and if we get more positive inflation news in September and October, the Fed is likely done, and we’ve seen the end of the rate hikes," said Peter Cardillo, chief market economist at Spartan Capital Securities. "In the labor market, some progress is being made in bringing demand and supply into better balance, but the job market is still strong,” she told a European Central Bank conference shortly after the latest jobs report. Traders currently see the Fed likely on hold through April 2024, with rate cuts to start in May.

Persons: we’ve, Peter Cardillo, Loretta Mester, Ann Saphir, Stephen Culp, Michael S, Lucia Mutikani, Alex Richardson, Andrea Ricci, Marguerita Choy Organizations: U.S . Federal, Labor Department, Employers, Spartan Capital Securities, Fed, Cleveland Fed, European Central Bank, Traders, Derby, Thomson

☆ Gold holds ground as markets gauge U.S. rate outlook
▼ + stars: | 2023-08-28 | by ( ) www.cnbc.com time to read: +2 min

Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Gold prices firmed on Monday despite U.S. Federal Reserve Chair Jerome Powell's hawkish stance on interest rates as markets sought direction from economic data this week for confirmation on the rate trajectory. Spot gold was up 0.1% at $1,916.19 per ounce by 0354 GMT, U.S. gold futures gained 0.2% to $1,943.90. "However, much still awaits on a sustained recovery in gold prices for now, given that concerns of re-accelerating inflation on U.S. economic resilience are translating into mounting bets of a November rate hike." A series of economic data this week, with the U.S. non-farm payroll report on Friday will likely to provide a sharper focus on the economy's strength.

Persons: Jerome Powell's, Powell, Jun Rong, Cleveland Federal Reserve Bank Loretta Mester Organizations: Aurum, U.S, Federal, IG, Cleveland Federal Reserve Bank, U.S . Locations: Jackson Hole , Wyoming

"The economy is a global economy, right? Yet Fed officials remain puzzled, and somewhat concerned, over conflicting signals in the incoming data. But gross domestic product is still expanding at a pace well above what Fed officials regard as the non-inflationary growth rate of around 1.8%. Difficulties in China, meanwhile, may drag down global growth the longer they fester. Its slowdown after a short-lived growth burst earlier this year could pinch Germany's exports and slow Europe's growth, for instance.

Persons: Jerome Powell, Christine Lagarde, Kazuo Ueda, Ann Saphir, JACKSON, Jackson, Pierre, Olivier Gourinchas, Loretta Mester, Mester, Lagarde, Biden, Nathan Sheets, Powell, Gourinchas, Howard Schneider, Dan Burns, Andrea Ricci Organizations: European Central Bank, Bank of Japan, Kansas City Federal, REUTERS, Federal, U.S, Monetary Fund, Cleveland Fed, Reuters, Citigroup, Consumer, Thomson Locations: Jackson Hole , Wyoming, U.S, , Wyoming, Brazil, Chile, China, Ukraine

"The longer we let inflation remain above 2%, we're building in a higher and higher price level," she said, and that hurts American households. "I'm going to have to reassess that because, again, it's going to be, how quickly do you think inflation is moving down?" "I do not want to be in a position of prematurely loosening policy," Mester said. Fed projections submitted in June show a median forecast for 2.1% inflation by the end of 2025; Mester said hers was for 2% inflation. The Fed's next and possibly last rate hike "doesn't necessarily have to be September, but I think this year," she said.

Persons: JACKSON, Cleveland Federal Reserve Bank Loretta Mester, Mester, Ann Saphir, Marguerita Choy Organizations: Cleveland Federal Reserve Bank, Reuters, Thomson Locations: , WYOMING, Jackson Hole , Wyoming

"We will proceed carefully as we decide whether to tighten further or, instead, to hold the policy rate constant and await further data," Powell said in a keynote address to the Jackson Hole Economic Policy Symposium. "It is the Fed’s job to bring inflation down to our 2% goal, and we will do so. The Fed has raised rates by 5.25 percentage points since March 2022, and inflation by the Fed's preferred gauge has moved down to 3.3% from its peak of 7% last summer. Although the decline was a "welcome development," Powell said, inflation "remains too high." Fed policymakers will also meet in November and December.

Persons: JACKSON, Jerome Powell, Powell, Jackson, Elizabeth Frantz, “ Powell, Michael Arone, Loretta Mester, Austan Goolsbee, Howard Schneider, Ann Saphir, Michael S, Lewis Krauskopf, Andrea Ricci Organizations: Federal, Federal Reserve Bank of Kansas City, Federal Reserve, Committee, REUTERS, Fed, State Street Global Advisors, Cleveland Fed, Chicago Fed, Derby, Thomson Locations: , Wyoming, U.S, Washington , U.S

☆ We 'probably have more work to do' to get the underlying inflation, says Cleveland Fed president
▼ + stars: | 2023-08-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe 'probably have more work to do' to get the underlying inflation, says Cleveland Fed presidentLoretta Mester, Cleveland Federal Reserve president, joins 'Squawk on the Street' to discuss how much Mester's outlook has changed, what's happening in the global macro economy, and more.

Persons: Loretta Mester Organizations: Cleveland Fed, Cleveland Federal Reserve

☆ Banks can manage outflow risk in Fed's new payment service system, Mester says
▼ + stars: | 2023-07-12 | by ( Michael S. Derby | ) www.reuters.com time to read: +2 min

Mester acknowledged concerns that FedNow, a real-time, all-hours payment system the central bank is making available to banks, could exacerbate banking troubles by facilitating fast outflows from financial institutions, in effect super-charging a potential bank run. She said it will be up to the users of FedNow themselves to use transfer limits. "Future releases of the FedNow Service may allow configurable transaction limits by customer type, if such limits are deemed useful," she added. Mester said banks can also plan for how they can tap Fed emergency lending and private sources of liquidity, should they need it. Mester's comments on mitigating the financial stability risks of the real-time payment system were rooted in events in the spring, when trouble at a limited number of banks spooked the global financial system, and were in part rooted in anxious customers moving funds from affected banks very quickly.

Persons: Loretta Mester, Mester, Banks, Michael S, Paul Simao Organizations: YORK, Cleveland Federal, National Bureau of Economic Research Summer Institute, Fed, Thomson Locations: U.S

PinnedInflation data released on Wednesday showed a pronounced cooling and offered some of the most hopeful news since the Federal Reserve began trying to tame rapid price increases 16 months ago. Officials have signaled in recent weeks that they are likely to raise interest rates at their July 25-26 meeting. For one thing, the cost of housing as measured by the Consumer Price Index — which relies on rent prices — is coming down sharply. The Fed officially targets 2 percent inflation on average over time, though it defines that goal using a separate inflation measure, the Personal Consumption Expenditures index. Interest rates increases work partly by slowing the job market and cooling wage increases, so the Fed’s fight against inflation and the strength of the labor market are closely tied.

Persons: ”, Laura Rosner, Warburton, it’s, . Rosner, Airfares, “, Beth Weaver, Loretta Mester, ” Julia Pollak Organizations: Federal Reserve, Federal, Consumer, Buick GMC, Fed, Federal Reserve Bank of Cleveland, ZipRecruiter Locations: Erie, Pa

☆ Morning Bid: Dollar swoons in upbeat inflation vigil
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +4 min

A look at the day ahead in U.S. and global markets from Mike DolanWorld markets leaned positively into another critical U.S. inflation report later on Wednesday, seeding a dollar (.DXY) slide to two-month lows that's revved-up yen and sterling gains. And June's CPI readout should be a marker if the consensus forecast for almost a full percentage-point drop in the headline inflation rate to two year lows of just 3.1% is borne out. Still, encouraged by a screed of other positive disinflation signals this week, U.S. markets are relatively buoyant going into the release and still feel the end of the Fed rate rise campaign is nigh. UK bank stocks pushed higher on the rates view and a relatively clean bill of health from Wednesday's financial stability report from the BOE. The Reserve Bank of New Zealand paused its long-running rate rise campaign early on Tuesday.

Persons: Mike Dolan, BOE, Thomas Barkin, Raphael Bostic, Neel Kashkari, Loretta Mester, Joe Biden, Nick Macfie Organizations: Federal Reserve, Fed, yearend, Treasury, Bank of Japan, Bank of, recoiling, Reserve Bank of New Zealand, Bank of Canada, Japan's Nikkei, Microsoft, Activision, Richmond Federal, Atlanta Fed, Minneapolis Fed, Cleveland Fed, NATO, . Treasury, Reuters, Reuters Graphics, Thomson Locations: U.S, Asia, Shanghai, Hong Kong, British, Vilnius

PinnedInflation data released on Wednesday showed a pronounced cooling and offered some of the most hopeful news since the Federal Reserve began trying to tame rapid price increases 16 months ago. But Federal Reserve officials are still trying to assess whether the cool down is likely to be quick and complete. Officials have signaled in recent weeks that they are likely to raise interest rates at their July 25-26 meeting. For one thing, the cost of housing as measured by the Consumer Price Index — which relies on rent prices — is coming down sharply. Interest rates increases work partly by slowing the job market and cooling wage increases, so the Fed’s fight against inflation and the strength of the labor market are closely tied.

☆ Stock Market Today: Dow, Nasdaq Futures Edge Up
▼ + stars: | 2023-07-11 | by ( ) www.wsj.com time to read: +2 min

Stock futures edged higher as investors looked ahead to inflation data that are expected to play a crucial role in shaping the next stretch of monetary policy. Investors eyed gains in overseas stock markets Tuesday, which came after Beijing announced new loan-relief measures for China’s troubled property sector. European indexes also rose, with the exception of the U.K.’s benchmark stock index, which fell after data showed wage growth remained strong there. Stock futures edged higher. Futures tied to the S&P 500 and the tech-focused Nasdaq-100 both gained 0.2%, while those tied to the Dow industrials edged up 0.1%.

Persons: Loretta Mester, Mary Daly, ’, Hong, Seng, Brent Organizations: Labor Department, Investors, Traders, Beijing, Dow, Treasury, Shanghai, Nikkei Locations: Europe

☆ Stock futures are little changed as Wall Street narrows focus on major inflation report: Live updates
▼ + stars: | 2023-07-11 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

U.S. stock futures were close to flat Tuesday night as investors looked toward the first potentially pivotal inflation report slated for release this week. S&P 500 futures and Nasdaq 100 futures traded near flat. Investors are eyeing the June consumer price index reading due before the bell Wednesday. June data for the producer price index — another well-watched gauge of inflation — is due Thursday before the bell. Elsewhere, investors will monitor comments from central bank officials including Richmond Fed President Tom Barkin, Minneapolis Fed President Neel Kashkari, Atlanta Fed President Raphael Bostic and Cleveland Fed President Loretta Mester throughout Wednesday for any insights into the state of U.S. economic policy.

Persons: Dow Jones, CME's, Chris Zaccarelli, that's, Stocks, Tom Barkin, Neel Kashkari, Raphael Bostic, Loretta Mester Organizations: Dow Jones Industrial, Nasdaq, Federal Reserve, Index, Independent, Alliance, Dow, Richmond Fed, Atlanta Fed, Cleveland Fed Locations: Minneapolis, U.S

The Fed has raised interest rates by 5 percentage points since March 2022 to bring down the highest U.S. inflation in four decades. "We may end up doing less because we need to do less; we may end up doing just that; we could end up doing more. Fed policymakers are widely expected to deliver a rate hike at their meeting later this month, a move that would bring the policy rate to the 5.25%-5.50% range. That could buttress the case that price pressures are weakening, which in turn could take some pressure off the central bank to hike rates again. Atlanta Fed President Raphael Bostic, speaking at yet another event on Monday, repeated his view that the Fed can be "patient" on rates and allow restrictive policy to bring down inflation without further action by the central bank.

Persons: Mary Daly, Daly, Jerome Powell, Ann Saphir, Michael Barr, Raphael Bostic, Loretta Mester, Mester, Dan Burns, Howard Schneider, Paul Simao Organizations: Federal Reserve, San Francisco Fed, Brookings Institution, San Francisco Federal, REUTERS, New York Fed, Atlanta Fed, Cleveland Fed, Thomson Locations: U.S, San Francisco , California

All eyes will be on U.S. inflation data, expected on Wednesday, that will feed into the Fed's interest rate decision later in the month. The second-quarter earnings season kicks off this week and investors will assess the impact of tight monetary conditions and fears of an impending economic slowdown on businesses. Overall, earnings for the S&P 500 constituents are expected to fall 5.7% in the quarter, Refintiv data showed. Most megacap growth and technology stocks slid in mid-day trading, with the FANG index (.NYFANG) falling 1.3%. Big banks such as JPMorgan Chase (JPM.N) and Citigroup (C.N) edged up, ahead of reporting earnings on Friday.

Persons: Carl Icahn, Chris Larkin, Morgan Stanley, Michael Barr, Loretta Mester, Mary Daly, Jefferies, JPMorgan Chase, Janet Yellen, Johann M Cherian, Saumyadeb Chakrabarty Organizations: Citigroup, Dow, Nasdaq, Federal Reserve, PPI, Traders, Dow Jones, JPMorgan, Icahn Enterprises, Intel, Qualcomm, U.S, Treasury, NYSE, Thomson Locations: U.S, Bengaluru

☆ Oil steady as demand woes from weak economic data offset by OPEC+ cuts
▼ + stars: | 2023-07-10 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

HOUSTON, July 10 (Reuters) - Oil prices were little changed on Monday in choppy trading as demand woes after weak economic data from top consumers the United States and China were offset by expected crude supply cuts from Saudi Arabia and Russia. "Oil traders may be cautious ahead of the U.S. CPI (Consumer Price Index) and China's slew of economic data later this week," CMC Markets analyst Tina Teng said of inflation data due on Wednesday. Higher interest rates increase borrowing costs for businesses and consumers, which could slow economic growth and reduce oil demand. However, crude prices could rebound after producer group OPEC+ announced plans to reduce supply further, Teng added. Money managers stepped up net long positions in oil futures and options contracts in the latest weekly data.

Persons: Brent, Tina Teng, Loretta Mester, Teng, Ole Hansen, Hansen, Arathy Somasekhar, Noah Browning, Florence Tan, Emily Chow, Alexander Smith, David Goodman, Peter Graff Organizations: . West Texas, U.S . CPI, Consumer, CMC, U.S . Federal Reserve, Federal Reserve Bank, Cleveland, OPEC, International Energy Agency, Saxo Bank, Money, Thomson Locations: United States, China, Saudi Arabia, Russia, ., Saudi, WTI, Brent

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