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Consumer price inflation rose for the second straight month, to 3.7% in August versus 3.2% in July. While the overall picture is somewhat mixed, the inflation data in recent months likely doesn't change the policy outlook. Reuters GraphicsRETAIL SALES (Released Sept. 14, next release Oct. 17):Retail sales rose more than expected in August, increasing 0.6%. Investors viewed the overall data as leaning against any further Fed rate increases. Weekly data on bank lending shows bank credit has fallen on a year-over-year basis since the middle of July.

Persons: Jerome Powell, Powell, Ann Saphir, Andrea Ricci, Paul Simao Organizations: Federal Reserve, Fed, Reuters Graphics Reuters, University of Michigan, Reuters Graphics, Investors, Labor, Reuters Graphics Reuters Graphics Bank, Silicon Valley Bank, Thomson Locations: U.S, Silicon

☆ US consumer spending rises in August; underlying inflation slows
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, Sept 29 (Reuters) - U.S. consumer spending increased in August, but underlying inflation moderated, with the year-on-year rise in prices excluding food and energy slowing to below 4.0%. With gasoline price surging, inflation as measured by the personal consumption expenditures (PCE) price index rose 0.4% in August after climbing 0.2% in July. In the 12 months through August, the PCE price index advanced 3.5% after rising 3.4% in July. The annual PCE inflation is also being lifted by a lower base of comparison last year. The so-called core PCE price index increased 3.9% on a year-on-year basis in August after rising 4.3% in July.

Persons: Lucia Mutikani, Paul Simao Organizations: Consumer, Commerce Department, Reuters, U.S . Energy Information Administration, Federal Reserve, Fed, Thomson Locations: U.S

An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed Jadallah/File Photo Acquire Licensing RightsSept 29 (Reuters) - Oil prices settled 1% lower on Friday due to macroeconomic concerns and profit taking, but rose about 30% in the quarter as OPEC+ production cuts squeezed global crude supply. U.S. West Texas Intermediate crude (WTI) settled down 92 cents to $90.97, up 1% in the week and 29% in the quarter. While the total rig count fell by 51 in the third quarter, the cuts have slowed compared with a reduction of 81 in the second quarter as oil prices have rebounded due to tightening supplies. The supply cuts announced by Saudi Arabia and Russia are expected to dominate oil prices for the remainder of this year.

Persons: Ahmed Jadallah, Brent, WTI, John Kilduff, Lael Brainard, Baker Hughes, Suvro Sarkar, Robert Harvey, Katya Golubkova, Sonali Paul, Mark Potter, Paul Simao, Jan Harvey, David Gregorio Our Organizations: REUTERS, . West Texas, Federal Reserve Bank of Dallas, Energy Information Administration, Investors, White, Evergrande, HK, Reuters, Aramco, National Australia Bank, DBS Bank, Thomson Locations: Aramco, Saudi, Saudi Arabia, New York, U.S, Brent, OPEC, Russia

☆ Underlying US inflation pressures subside in August
▼ + stars: | 2023-09-29 | by ( Lucia Mutikani | ) www.reuters.com time to read: +4 min

Economists polled by Reuters had forecast the core PCE price index would climb 0.2%. In the 12 months through August, the so-called core PCE price index increased 3.9%. It was the first time since June 2021 that the annual core PCE price index was below 4.0%. In the 12 months through August, the PCE price index advanced 3.5% after gaining 3.4% in July. Policymakers are focused on the super core price measure as they try to gauge progress in their fight against inflation.

Persons: Bing Guan, Rubeela Farooqi, Lucia Mutikani, Paul Simao Organizations: REUTERS, Federal Reserve, Commerce Department, Reuters, U.S . Energy Information Administration, Treasury, Fed, Financial, Thomson Locations: SoHo, New York City, U.S, WASHINGTON, White Plains , New York

☆ US economy remains resilient in second quarter; labor market tight
▼ + stars: | 2023-09-28 | by ( Lucia Mutikani | ) www.reuters.com time to read: +4 min

Tight labor market conditions continue to prevail, with the number of Americans filing new claims for unemployment benefits rising slightly last week, other data showed on Thursday. Some economists believe that the economy's resilience and tight labor market could give the Federal Reserve ammunition to raise interest rates again in November. Reuters GraphicsSTRONG LABOR MARKETThe economy is being underpinned by a resilient labor market, which is driving strong wage gains. The labor market has continued to hold its own so far. The unemployment rate increased to 3.8% in August from 3.5% in July.

Persons: Mike Blake, Christopher Rupkey, Lucia Mutikani, Paul Simao Organizations: Port, REUTERS, Federal Reserve, Gross, Reuters Graphics, U.S . House, United Auto Workers, General Motors, Ford, Labor Department, Reuters, Thomson Locations: Port of Los Angeles, San Pedro , California, U.S, WASHINGTON, New York

☆ As shutdown looms, companies should go public 'before Friday'-US SEC chief
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +2 min

The headquarters of the U.S. Securities and Exchange Commission (SEC) is seen in Washington, D.C., U.S., May 12, 2021. Gensler said the agency would lose more than 90% of its workforce to unpaid furloughs, leaving a "skeletal" staff to perform essential functions. "If a company were deciding to go public or raise offerings, they'd want to go effective before Friday if they're ready to," Gensler said. Gensler also acknowledged that should a major disruption occur on Wall Street, "senior leadership would be there but again we'd be down to a skeletal staff." Major Wall Street indices were down markedly shortly toward 1700 GMT, adding to recent days' losses driven by investor concerns about the path of interest rates, with a possible shutdown also weighing on trading.

Persons: Andrew Kelly, Gary Gensler, Gensler, we'd, Joe Biden, Douglas Gillison, Lance Tupper, Lewis Krauskopf, Paul Simao, David Holmes, Alistair Bell Organizations: U.S . Securities, Exchange Commission, Washington , D.C, REUTERS, Birkenstock, Wednesday, Washington, Democratic, SEC, Republican, Clarios, Thomson Locations: Washington ,, Washington, New York

Canada's Prime Minister Justin Trudeau speaks to media outside his office on Parliament Hill in Ottawa, Ontario, Canada September 25, 2023. REUTERS/Blair Gable/File Photo Acquire Licensing RightsOTTAWA, Sept 27 (Reuters) - Canadian Prime Minister Justin Trudeau on Wednesday formally apologized after the speaker of the House of Commons praised a Nazi veteran in the chamber while Ukrainian President Volodymyr Zelenskiy was present. Trudeau also said Ottawa had already reached out to Kyiv and Zelenskiy through diplomatic channels to apologize. The Kremlin earlier in the day said the whole Canadian parliament should publicly condemn Nazism. The official opposition Conservatives say Trudeau was ultimately responsible for what happened, given he had invited Zelenskiy to address the Canadian parliament, and accused him of negligence.

Persons: Justin Trudeau, Blair Gable, Volodymyr Zelenskiy, Trudeau, Anthony Rota, Yaroslav Hunka, Adolf Hitler's Waffen, Zelenskiy, Hunka, David Ljunggren, Alison Williams, Paul Simao Organizations: Canada's, REUTERS, Rights, Canadian, Wednesday, Commons, Nazi, Ottawa, Adolf Hitler's Waffen SS, Ukrainian, Liberal, Thomson Locations: Ottawa , Ontario, Canada, Kyiv, Polish, Ukrainian, Russia, Ukraine, Western, Rota's

☆ Canada's Trudeau Apologizes After Nazi Veteran Praised in Parliament
▼ + stars: | 2023-09-27 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +2 min

By David LjunggrenOTTAWA (Reuters) - Canadian Prime Minister Justin Trudeau on Wednesday formally apologized after the speaker of the House of Commons praised a Nazi veteran in the chamber while Ukrainian President Volodymyr Zelenskiy was present. Trudeau also said Ottawa had already reached out to Kyiv and Zelenskiy through diplomatic channels to apologize. Hunka, 98, was a Polish-born Ukrainian who served in one of Adolf Hitler's Waffen SS units during World War Two. Trudeau said the Liberal government had no responsibility for vetting who the speaker had invited. The official opposition Conservatives say Trudeau was ultimately responsible for what happened, given he had invited Zelenskiy to address the Canadian parliament, and accused him of negligence.

Persons: David Ljunggren OTTAWA, Justin Trudeau, Volodymyr Zelenskiy, Trudeau, Anthony Rota, Yaroslav Hunka, Adolf Hitler's Waffen, Zelenskiy, Hunka, David Ljunggren, Alison Williams, Paul Simao Organizations: Canadian, Wednesday, Commons, Nazi, Ottawa, Adolf Hitler's Waffen SS, Ukrainian, Liberal Locations: Kyiv, Polish, Ukrainian, Canada, Russia, Ukraine, Western, Rota's

☆ US annual home price growth accelerates in July
▼ + stars: | 2023-09-26 | by ( Amina Niasse | ) www.reuters.com time to read: +2 min

REUTERS/Mike Blake Acquire Licensing RightsNEW YORK, Sept 26 (Reuters) - U.S. annual home price growth accelerated for a second straight month in July, signaling that softening prices in the market may be bottoming out, according to a report released on Tuesday. Home purchase prices increased 4.6% on a year-over-year basis in July, up from a revised 3.2% increase in the prior month. June marked the first acceleration in annual price growth since February 2022, the Federal Housing Finance Agency (FHFA) said. The report also showed prices rose moderately on a month-over-month basis, in line with the trend over the past quarter. "Regionally, all nine census divisions posted positive price appreciation over the last 12 months, although the Pacific and Mountain divisions experienced only modest growth," said Nataliya Polkovnichenko, FHFA's supervisory economist.

Persons: Mike Blake, Nataliya Polkovnichenko, Amina Niasse, Paul Simao Organizations: REUTERS, Federal Housing Finance Agency, Thomson Locations: Rancho, San Diego , California, U.S, New England, Chicago, Cleveland

The central bank's quest for a "soft landing" of more slowly rising prices and continued economic growth looks increasingly probable. In fact, the U.S. may hit a sweet spot just as the 2024 presidential election campaign crescendos next year. Rather than cheering, though, after years of economic turbulence since the coronavirus pandemic erupted in 2020, Americans grumble, at least if you ask them about the economy. With fast rising prices and the end of an array of pandemic-era government benefit programs, inflation-adjusted household income fell last year, and the poverty rate increased. A Biden adviser said the White House understands that the economy and inflation are a critical issue, and the campaign has a big media push planned on "Bidenomics."

Persons: Sarah Silbiger, Jerome Powell, crescendos, grumble, Joe Biden, Donald Trump, Jimmy Carter's, Ronald Reagan, George H, Bush, Democrat Bill Clinton, Clinton, Biden, They've, that's, Robert Shiller, stupidly, Shiller, Powell, Howard Schneider, Trevor Hunnicutt, Heather Timmons, Paul Simao Organizations: El Progreso Market, Washington , D.C, REUTERS, Rights, . Federal, Reuters, Republican, Biden, Democrat, U.S . Consumer, Yale University, McKinsey & Company, McKinsey, Thomson Locations: Mount Pleasant, Washington ,, U.S

REUTERS/Joshua Roberts Acquire Licensing RightsSept 25 (Reuters) - It's a now-familiar dance: Federal Reserve officials signal to the world that interest rates are not dropping anytime soon. Forecasts published on Wednesday by the U.S. central bank showed that a majority of its policymakers see the Fed's benchmark overnight interest rate ending this year at 5.6%, which implies one more interest rate hike in the next three months. They also now anticipate an end-of-2024 policy rate of at least 5.1%, half a percentage point higher than they projected three months ago. Meanwhile, interest rate futures contracts continue to price in only about a 50% chance of further tightening in 2023, and see a 4.65% policy rate by the end of next year. THE FED'S OWN UNCERTAIN FORECASTSFed policymakers plan to stop raising interest rates once they are convinced inflation is headed down to the central bank's 2% target.

Persons: Joshua Roberts, Preston Caldwell, Jerome Powell, Powell, Morgan Stanley, Ann Saphir, Dan Burns, Paul Simao Organizations: Federal Reserve, REUTERS, Financial, U.S, Fed, Morningstar, Securities, United Auto Workers, Detroit automakers, Reuters, Thomson Locations: Washington , U.S, U.S

"I expect rates may have to stay higher, and for longer, than previous projections had suggested," said Collins. San Francisco Fed President Mary Daly and Minneapolis Fed President Neel Kashkari are scheduled to make remarks later on Friday as the Fed's "blackout" period on post-meeting policy comments lifted. The central bank's decision to hold its benchmark overnight interest rate steady this week was unanimous. Collins does not currently have a vote on rate policy under a Fed system that rotates votes among the 12 reserve bank presidents year by year. New projections issued at the end of a two-day policy meeting on Wednesday showed 12 of 19 Fed officials expect one additional quarter point rate increase this year.

Persons: Dado Ruvic, Michelle Bowman, Susan Collins, Collins, Mary Daly, Neel Kashkari, Bowman, Howard Schneider, Paul Simao, Andrea Ricci Organizations: REUTERS, Rights, . Federal, Independent Community Bankers of, Maine Bankers Association, Boston, Fed, San Francisco Fed, Minneapolis Fed, Thomson Locations: Independent Community Bankers of Colorado

The spokesperson, who would not speak for direct attribution, said the staff cuts represented a combination of attrition, including retirements, and layoffs. While small compared to the size of the Fed, it is the first time budgeted headcount has fallen since 2010. SELF-FUNDEDThe staff reductions are happening at a sensitive time for the Fed. Unlike federal agencies that spend tax dollars allocated by Congress, the Fed is self-funding. In most years the Fed generates a profit that is turned over to the U.S. Treasury.

Persons: Howard Schneider, Dan Burns, Paul Simao Organizations: U.S . Federal, Fed, of Governors, Reuters, Governors, Congress, U.S . Treasury, Thomson Locations: U.S, Washington, Congress

NICKELS & STEAMROLLEREstimating the size of hedge funds' basis trade bets is difficult because transparency and visibility around hedge funds is so low at the best of times, especially with regard to their more complex activities and strategies. Many analysts look at leveraged funds' position in Treasuries futures, and the Aug. 30 Fed paper also noted speculators' repo borrowings. This is a fairly reliable sign of basis trade activity, the Aug. 30 Fed paper says. Overnight repo rates have steadily tracked the fed funds policy rate since March 2022. Basis trade liquidation, as funds got squeezed out of their positions through margin and collateral calls as volatility rocketed, likely contributed to that dislocation.

Persons: Steven Zeng, Christoph Schon, Jamie McGeever, Paul Simao Organizations: Fed, Bank for International, Deutsche Bank, STEAMROLLER, Futures, Reuters, Thomson Locations: ORLANDO, Florida, U.S

☆ Explainer: UAW expands strikes against GM, Stellantis in fight over new contract
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +6 min

People attend a UAW rally to support striking workers outside an assembly plant in Louisville, Kentucky, U.S., September 21, 2023. The UAW, which represents 46,000 GM workers, 57,000 Ford employees and 43,000 Stellantis workers, kicked off negotiations with the companies in July. Contract talks between the UAW and the Detroit automakers in past years had gone on until the strike deadline and beyond. In fiscal 2019, GM's fourth-quarter profit took a $3.6 billion hit from a 40-day UAW strike. The UAW is pushing automakers to eliminate the two-tier wage system under which new hires can earn far less than veterans.

Persons: Michael Swensen, Shawn Fain, they’ve, Fain, Mark Reuss, Ford, GM's, Morgan Stanley, Adam Jonas, Biden, Tesla, Nathan Gomes, Paul Simao, Sriraj Kalluvila, Diane Craft, Anil D'Silva Organizations: UAW, REUTERS, United Auto Workers, General Motors Co, Ford Motor, General Motors, Chrysler, WHO, Ford, Detroit, Reuters, Ford Bronco, Chevrolet, Wall, GM, FROM, Detroit Free Press, EV, Deutsche Bank, Thomson Locations: Louisville , Kentucky, U.S, Michigan , Ohio, Missouri, Chevrolet Colorado, Bengaluru, Washington

☆ US weekly jobless claims, continuing claims at eight-month low
▼ + stars: | 2023-09-21 | by ( Lucia Mutikani | ) www.reuters.com time to read: +4 min

Hundreds of people line up outside the Kentucky Career Center, over two hours prior to its opening, to find assistance with their unemployment claims, in Frankfort, Kentucky, U.S. June 18, 2020. Though demand for labor is slowing, overall labor market conditions have remained tight despite higher interest rates. "The U.S. labor market continues to outperform expectations," said Eugenio Aleman, chief economist at Raymond James. The so-called continuing claims declined 21,000 to 1.662 million during the week ending Sept. 9, also the lowest level since January, the claims report showed. Continuing claims remain historically low, a reminder that labor market conditions are still tight.

Persons: Bryan Woolston, Eugenio Aleman, Raymond James, Unadjusted, Jerome Powell, Stellantis, Lucia Mutikani, Chizu Nomiyama, Paul Simao Organizations: Kentucky, Center, REUTERS, Bryan Woolston Acquire, United Auto Workers, UAW, Labor Department, Reuters, Reserve, Ford, GM, Chrysler, Workers, Thomson Locations: Frankfort , Kentucky, U.S, WASHINGTON, Indiana, California, South Carolina , New York, Georgia, Kansas, Ohio

☆ Canada's Trudeau wants India to cooperate in murder probe, declines to release evidence
▼ + stars: | 2023-09-21 | by ( Michelle Nichols | ) www.reuters.com time to read: +3 min

NEW YORK, Sept 21 (Reuters) - Canadian Prime Minister Justin Trudeau on Thursday called on India to cooperate with an investigation into the murder of a Sikh separatist leader in British Columbia and said Canada would not release its evidence. Trudeau said on Monday that Ottawa had credible allegations linking Indian government agents to the murder of Hardeep Singh Nijjar in June, prompting an angry reaction from New Delhi. Analysts says this is partly because the United States and other major players see India as a counterweight to the growing influence of China. The Indian foreign ministry said Canada had not shared any specific information about the murder. India on Thursday suspended new visas for Canadians and asked Ottawa to reduce its diplomatic presence in the country.

Persons: Justin Trudeau, Trudeau, Hardeep Singh Nijjar, Jake Sullivan, Washington, Sullivan, Nijjar, Andrea Shalal, David Ljunggren, Paul Simao, Barbara Lewis Organizations: Canadian, Ottawa, United Nations General Assembly, Thomson Locations: India, British Columbia, Canada, New Delhi, Nijjar, Canadian, United States, China, New York, U.S, Ottawa, Washington

The Fed expects to get inflation back to its 2% target in 2026, which is later than some officials had thought possible. Financial markets had widely expected that the Fed would leave rates unchanged. Ahead of the Fed meeting, investors had been banking on significant Fed rate cuts next year, an expectation clouded by the projections that show 10 of 19 officials see the policy rate remaining above 5% through next year. Federal funds futures showed traders had downgraded their estimates of Fed rate cuts ahead. The Fed statement was approved unanimously after a two-day meeting that marked new Fed Governor Adriana Kugler's debut on the central bank policymaking stage.

Persons: Jerome Powell, We're, Bond, Stocks, Chris Wattie, I've, Powell, Olu Sonola, Omair Sharif, Adriana Kugler's, Howard Schneider, Michael S, Chizu Nomiyama, Paul Simao Organizations: U.S . Federal Reserve, Market, Reuters Graphics, Reserve, REUTERS, Fed, Reuters, Fitch, Thomson Locations: WASHINGTON, Washington , DC

The new projections and the Fed's latest policy statement will be released at 2 p.m. EDT (1800 GMT). Fed Chair Jerome Powell is scheduled to hold a press conference half an hour later. With inflation slowing, that would allow interest rates to decline also. The last set of projections envisioned that the Fed's policy rate would fall by a percentage point in 2024, and by 1.2 percentage points in 2025 to end that year in the 3.25%-3.50% range. It hasn't happened so far, with economic growth through the first half of the year above the 1.8% rate that Fed officials view as the economy's non-inflationary trend, and continuing that way through the third quarter.

Persons: Matthew Luzzetti, Jerome Powell, Powell, Joseph Davis, Davis, Howard Schneider, Paul Simao Organizations: Federal Reserve, Deutsche Bank, Reuters Graphics Reuters, Commerce, Vanguard, Thomson Locations: WASHINGTON

Two of the three core inflation measures also rose. The annual rate, the highest since the 4.4% reported in April, is double the Bank of Canada's 2% target. "Underlying inflation is still well above the level that would be consistent with achieving our target of 2% CPI inflation," she said. Money markets raised bets for a rate hike in October after the data, seeing a 42% chance of an increase after the price figures compared with 23% before. However, another inflation report and a bevy of other data are due out before the Canadian central bank next meets on Oct 25 to set the key overnight rate.

Persons: Derek Holt, Holt, Sharon Kozicki, Jimmy Jean, Justin Trudeau's, Andrew Grantham, David Ljunggren, Steve Scherer, Dale Smith, Fergal Smith, Divya Rajogopal, Paul Simao, Mark Porter Organizations: Reuters, Statistics, Bank of Canada's, Scotiabank, Bank of, Bank of Canada, Canadian, Desjardins Group, CIBC Capital Markets, Tiff, Thomson Locations: OTTAWA, Statistics Canada, Canadian

☆ Disney to nearly double parks spending to $60 billion over 10 years
▼ + stars: | 2023-09-19 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +3 min

Sept 19 (Reuters) - Walt Disney (DIS.N) said on Tuesday it would nearly double its capital expenditure for its parks business to about $60 billion over the next 10 years. Disney CEO Bob Iger and Josh D'Amaro, the company's parks chief, announced the accelerated pace of investment at a gathering of Wall Street analysts and investors at Walt Disney World Resort in Orlando, Florida, focused on the company's parks business. Parks have become a reliable profit engine for Disney and has helped cushion losses in the Disney+ streaming business, which is expected to become profitable only next year. The announcement of the planned investment followed a slowdown at Walt Disney World in Orlando, as attendance surges at its parks around the world, particularly Shanghai Disney Resort and Hong Kong Disneyland. Disney also plans to nearly double the capacity of its cruise line, adding two ships in fiscal 2025 and another in 2026.

Persons: Walt Disney, Bob Iger, Josh D'Amaro, Parks, Iger, Disney, Ron DeSantis, Mario Anzuoni, Paul Verna, Thomas Hayes, Samrhitha, Dawn Chmielewski, Shailesh Kuber, Chizu Nomiyama, Paul Simao, Aurora Ellis Organizations: Disney, Wall Street, Walt Disney World, Disney California, Hollywood Studios, Republican, REUTERS, Insider Intelligence, Walt Disney, Shanghai Disney Resort, Great, Thomson Locations: Orlando , Florida, California, Orlando, Florida, Anaheim , California, U.S, Shanghai, Hong Kong, Great Hill, Bengaluru, Dawn, Los Angeles

☆ US housing starts hit three-year low; surge in permits point to underlying strength
▼ + stars: | 2023-09-19 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

The decline in housing starts reported by the Commerce Department on Tuesday was the largest in a year and occurred across the board. Housing starts tumbled 11.3% to a seasonally adjusted annual rate of 1.283 million units last month, the lowest level since June 2020. Data for July was revised lower to show starts accelerating to a rate of 1.447 million units instead of the previously reported 1.452 million units. Single-family housing starts, which account for the bulk of homebuilding, dropped 4.3% to a rate of 941,000 units last month. They were boosted by a 14.8% surge in multi-family housing permits to a rate of 535,000 units.

Persons: Mike Blake, homebuilding, Daniel Vielhaber, Hilary, Freddie Mac, Goldman Sachs, Nancy Vanden Houten, Jeffrey Roach, Lucia Mutikani, Chizu Nomiyama, Paul Simao, Andrea Ricci Organizations: REUTERS, Commerce Department, Federal, Nationwide, Reuters, U.S, Treasury, National Association of Home Builders, Oxford Economics, Realtors, LPL Financial, Thomson Locations: Rancho, San Diego , California, U.S, WASHINGTON, Columbus , Ohio, homebuilding, Northeast, Midwest, Wells Fargo, New York, Charlotte , North Carolina

☆ US oil output from top shale areas to fall for 3rd straight month in October, EIA says
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +2 min

U.S. oil output is expected to fall to 9.393 million barrels per day (bpd) in October from 9.433 million bpd in September, EIA data showed. A record 9.476 million bpd was hit in July. That's because U.S. exploration and production firms were still more focused on returning money to investors and paying down debt than just boosting oil and gas production. U.S. oil and gas production, however, is on track to reach record highs in 2023 and 2024 due in part to rising oil pries. Total gas output in the big shale basins will slip by 0.3 billion cubic feet per day (bcfd) to 98.4 bcfd in October from 98.7 bcfd in September, EIA projected.

Persons: Nick Oxford, Baker Hughes, Scott DiSavino, Shariq, Mark Porter, Leslie Adler, Paul Simao Organizations: REUTERS, U.S . Energy Information Administration, South Texas Eagle, EIA, Thomson Locations: Midland , Texas, U.S, . U.S, Texas, New Mexico, Bakken, North Dakota, Montana, Appalachia, Pennsylvania , Ohio, West Virginia

Brazil's President Luiz Inacio Lula da Silva speaks during a press conference at a hotel after the G20 Summit, in New Delhi, India, September 11, 2023. In part, that reflects the choppier waters the 77-year-old Brazilian leader now navigates, as Beijing and Washington flirt with a new Cold War while war rages in Ukraine. Even before he took office, Lula was greeted like a rock star last November at the U.N. climate change conference in Egypt. The closer ties to Beijing could complicate Brazil's relationship with Washington, including access to key technology, Shannon added. "Brazil is rapidly wasting its soft power by trying to be an international player with an outdated agenda," he said.

Persons: Luiz Inacio Lula da Silva, Anushree, Pope, Jair Bolsonaro's, Lula, Oliver Stuenkel, Joe Biden, Vladimir Putin, Thomas Shannon, Porter, Shannon, Nicolas Maduro, Gabriel Boric, Rubens Barbosa, Putin, Maduro, Anthony Boadle, Brad Haynes, Paul Simao Organizations: REUTERS, Rights, United Nations General Assembly, U.S, General Assembly, Amazon, International Criminal Court, ICC, Arnold, Security, Mercosur, Venezuelan, Foreign Ministry, South, Thomson Locations: New Delhi, India, Rights BRASILIA, Brazil, China, Beijing, Washington, Ukraine, Sao Paulo, Egypt, U.S, Rio de Janeiro, Russia, South Africa, Shannon, Nicaragua, Venezuela, Brasilia, Brazilian, London, South American

☆ Fed unlikely to raise rates in November, says Goldman Sachs
▼ + stars: | 2023-09-16 | by ( ) www.reuters.com time to read: +2 min

The exterior of the Marriner S. Eccles Federal Reserve Board Building is seen in Washington, D.C., U.S., June 14, 2022. REUTERS/Sarah Silbiger/File Photo Acquire Licensing RightsSept 16 (Reuters) - The Federal Reserve is unlikely to raise interest rates at its Oct. 31-Nov. 1 meeting, Goldman Sachs strategists wrote on Saturday, while also forecasting the U.S. central bank would lift its economic growth projections when policymakers gather next week. The odds for the policy rate, which is currently in the 5.25%-5.50% range, staying unchanged at the Oct. 31-Nov. 1 gathering stood at roughly 72% on Saturday, CME's data showed. Next year could see "gradual" rate cuts if inflation continues to cool, Goldman's strategists added. They also said the central bank could raise its estimates for 2023 U.S. growth to 2.1% from 1%, when policymakers update their economic projections on Wednesday, reflecting the economy's resilience.

Persons: Sarah Silbiger, Goldman Sachs, Janus Henderson, Ira Iosebashvili, Paul Simao Organizations: Eccles Federal Reserve, Washington , D.C, REUTERS, Federal, Morgan Asset Management, Janus Henderson Investors, Thomson Locations: Washington ,

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