Minneapolis Fed Chairman: Bank of America's prediction of a rate cut in December this year is reasonable
In an interview, Neel Kashkari, the president of the Federal Reserve Bank of Minneapolis, stated that U.S. banks predict that the Federal Reserve will cut interest rates once this year, but not until December. This prediction is reasonable and the median forecast is for one rate cut this year. It actually depends on data. "We are now in a very favorable position to slowly gather more inflation data, economic data and labor market data before making any decisions."
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BUZZ - Falling oil prices ease concerns over fuel costs, US airline stocks rise
U.S. commercial crude oil inventories have declined for five consecutive weeks, while diesel inventories have fallen below 100 million barrels, reaching their lowest level since 2003.
EIA data shows that U.S. commercial crude oil inventories fell by 865,000 barrels last week to 409.8 million barrels, about 4% below the five-year seasonal average. The market had previously expected a decrease of around 200,000 barrels. Distillate fuel (including diesel and heating oil) inventories decreased by 3.6 million barrels to 99.3 million barrels, 13% below the five-year average. The market had previously expected a decline of only around 1 million barrels, making the actual reduction much greater than anticipated.
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