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Livesquawk - Closing Wrap - Wednesday 13.10
Closing Wrap - Wednesday 13.10
Headlines
  • Fed Officials Saw Taper Starting In Mid-November Or Mid-December
  • US Will Weigh All Options If Iran Will Not Resume Nuclear Deal
  • UK To Look ‘Constructively’ At EU Brexit Proposals, Frost Says
  • BoE Stops Closed-Door Policymaker Briefings With Banks
  • German SPD Chief Sees New Government Before Christmas
  • OPEC Leaves 2022 Forecast For Oil-Demand Growth Unchanged
  • EIA: US 2021 Crude Output Seen Falling More Than Previously Forecast
  • EIA Forecasts Higher US Heating Bills This Winter
  • Amazon Seeks Used Long-Range Cargo Jets Able To Fly From China
  • J&J Covid Vaccine Recipients Are Better Off Getting Pfizer Or Moderna Booster
Commentary
Fed Officials Saw Taper Starting In Mid-November Or Mid-December

Federal Reserve officials broadly agreed last month they should start reducing emergency pandemic support for the economy in mid-November or mid-December, even as the delta variant continued to create headwinds.

 

“Participants generally assessed that, provided that the economic recovery remained broadly on track, a gradual tapering process that concluded around the middle of next year would likely be appropriate,” minutes of the Sept. 21-22 Federal Open Market Committee meeting released Wednesday said.

 

“Participants noted that if a decision to begin tapering purchases occurred at the next meeting, the process of tapering could commence with the monthly purchase calendars beginning in either mid-November or mid-December.” (Bloomberg – Continue Reading)

BoE Stops Closed-Door Policymaker Briefings With Banks

The Bank of England will no longer hold off-the-record briefings between its policymakers and individual private financial institutions, the central bank told Reuters on Wednesday.

 

The move, a permanent step aimed at improving the transparency of the BoE’s market intelligence gathering operations, comes after growing concern about similar practices at other central banks. (Reuters – Continue Reading)

US Will Weigh All Options If Iran Will Not Resume Nuclear Deal

The United States is ready to consider "all options" if Iran is unwilling to return to the 2015 nuclear deal, U.S. Special Envoy for Iran Rob Malley said on Wednesday in what may reflect a tougher stance toward Tehran's new government.

 

In addition to using the phrase "all options," which is typically intended to include the possibility - however remote - of military action, Malley also said the United States and Israel were united in opposing Iran developing a nuclear weapon.

 

Beyond citing U.S. consultation with Israel, which has previously struck nuclear sites in Iraq and Syria, Malley also said he would soon travel to Saudi Arabia, the United Arab Emirates and Qatar to coordinate with the U.S. Gulf allies.

 

"We will be prepared to adjust to a different reality in which we have to deal with all options to address Iran's nuclear program if it's not prepared to come back into the constraints" of Tehran's 2015 nuclear deal with six major powers, he said in a virtual appearance at a Washington think tank. (Reuters – Continue Reading)

US Consumers Are Set To Pay Far More For Energy This Winter

U.S. consumers face a more expensive winter than last time around, especially those who keep their homes warm with propane or heating oil, the U.S. Energy Information Administration said.

 

Spending on energy for those households primarily using heating oil will rise 43% compared with last winter, the agency said in a base-case forecast published as part of its Winter Fuels Outlook on Wednesday. 

 

Expenditure on energy by households reliant on propane will increase 54% in the base case, it said. The comparable gains for households mostly using natural gas and electricity are seen at 30% and 6%, respectively.

 

U.S. prices for natural gas and oil are trading close to multi-year highs amid a global squeeze on supplies. (Bloomberg – Continue Reading)

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