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Crude Inventory Data Shows 5.9 Million Barrel Increase Last Week
U.S. crude oil refinery inputs averaged 16.7 million barrels per day during the week ending July 7, 2023, which was 630 thousand barrels per day more than the previous week’s average. Refineries operated at 93.7% of their operable capacity last week. Gasoline production decreased last week, averaging 10.1 million barrels per day. Distillate fuel production increased last week, averaging 5.1 million barrels per day. U.S. crude oil imports averaged 5.9 million barrels per day last week, decreased by 1.2 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.4 ... (full story)
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- Jul 12, 2023 3:42pm Jul 12, 2023 3:42pm
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Bank of America, the nation's second largest bank, has been ordered to pay more than $100 million to customers for double charging insufficient fund fees, withholding reward ...
The objective of Canada’s monetary policy is to promote the economic and fi nancial well-being of Canadians. Canada’s experience with infl ation targeting since 1991 has shown that the best way that monetary policy can achieve this goal is by maintaining a low and stable infl ation environment. Doing so fosters confi dence in the value of money and contributes to sustained economic growth, a strong and inclusive labour market and improved living standards. • In 2021, the Government of Canada and the Bank of Canada renewed the fl exible infl ation-targeting strategy of the monetary policy framework for a further fi ve-year period, ending December 31, 2026 post at 10:05am: BOC: INFLATION TO AVERAGE 3.7% IN 2023 (VS 3.5% IN APRIL), 2.5% IN 2024 (VS 2.3%), 2.1% IN 2025.
The Bank of Canada today increased its target for the overnight rate to 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is also continuing its policy of quantitative tightening. Global inflation is easing, with lower energy prices and a decline in goods price inflation. However, robust demand and tight labour markets are causing persistent inflationary pressures in services. Economic growth has been stronger than expected, especially in the United States, where consumer and business spending has been surprisingly resilient. After a surge in early 2023, China’s economic growth is softening, with slowing exports and ongoing weakness in its property sector. Growth in the euro area is effectively stalled: while the service sector continues to grow, manufacturing is contracting. Global financial conditions have tightened, with bond yields up in North America and Europe as major central banks signal further interest rate increases may be needed to combat inflation. The Bank’s July Monetary Policy Report (MPR) projects the global economy will grow by around 2.8% this year and 2.4% in 2024, followed by 2.7% growth in 2025. Canada’s economy has been stronger than expected, with more momentum in demand. Consumption growth has been surprisingly strong at 5.8% in the first quarter. While the Bank expects consumer spending to slow in response to the cumulative increase in interest rates, recent retail trade and other data suggest more persistent excess demand in the economy. In addition, the housing market has seen some pickup. New construction and real estate listings are lagging demand, which is adding pressure to prices. In t post at 10:01am: ?*BOC SEES CPI RETURNING TO TARGET 6 MONTHS LATER, IN MID-2025 *BOC EXPECTS OUTPUT GAP TO CLOSE 9 MONTHS LATER, IN EARLY 2024 *CANADA GDP NOW SEEN AT 1.8% THIS YR, 1.2% IN 2024, 2.4% IN '25 *BOC CONCERNED PROGRESS TOWARD 2% INFLATION TARGET COULD STALL post at 10:03am: BOC: LABOR MARKET HAS EASED MILDLY, CONDITIONS REMAIN TIGHT. post at 10:01am: CANADA BOC INTEREST RATE DECISION ACTUAL: 5.00% VS 4.75% PREVIOUS; EST 5.00% BANK OF CANADA RAISES O/N INTEREST RATE TO 5.00%, HIGHEST IN 22 YEARS BOC: CANADA’S ECONOMY HAS BEEN STRONGER THAN EXPECTED, WITH MORE MOMENTUM IN DEMAND BOC: GOVERNING COUNCIL REMAINS CONCERNED THAT… https://t.co/Nac5t6Pxjk post at 10:12am: BoC Sees CPI Returning To Target 6 Months Later, In Mid-2025 - To Assess Data, Gives No Guidance On Future Path Of Rates - Announcement Does Not Include Language From June Rate Decision Saying 'Monetary Policy Was Not Sufficiently Restrictive'
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Release of the Monetary Policy Report — Press conference by Governor Tiff Macklem and Carolyn Rogers, Senior Deputy Governor
Good morning. I’m pleased to be here with Senior Deputy Governor Carolyn Rogers to discuss today’s policy announcement and the Bank of Canada’s Monetary Policy Report (MPR). Today, we raised our policy interest rate by 25 basis points to 5%. We are also continuing our policy of quantitative tightening. This decision reflects two broad considerations. First, monetary policy is working, but underlying inflationary pressures are proving more stubborn. We have made considerable progress in the fight against inflation. Consumer price index (CPI) inflation has fallen from a peak of 8.1% last summer to 3.4% in May. But even as headline inflation has come down largely as we forecast, underlying inflationary pressures are proving more persistent than we expected. Higher interest rates are needed to slow the growth of demand in the economy and relieve price pressures. Second, we are trying to balance the risks of under- and over-tightening monetary policy. If we don’t do enough now, we will likely have to do even more later. If we do too much, we risk making economic conditions unnecessarily painful for everybody. post at 11:00am: *BoC’s Macklem: BoC is Prepared to Hike Again if Needed *BoC’s Macklem: BoC Discussed Holding Rates and Awaiting More Data *BoC’s Macklem: BoC to Assess Rates on Decision-By-Decision Basis *BoC’s Macklem: BoC Decided Cost of Delay Exceeded Benefit of Waiting post at 11:17am: *BoC’s Macklem: ‘We Think We’re Close’ to End of Tightening Cycle post at 11:18am: *Macklem Reiterates It’s Too Early to Be Talking About Rate Cuts
The Bank of Canada raised interest rates for a second straight meeting, pushing back the timeline for inflation’s return to target while revising growth upward. Policymakers led ...
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- Posted: Jul 12, 2023 10:33am
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