FED: Hassett Has Met With Trump To Discuss Fed Chair Role - WSJ
Jul-09 01:33
The WSJ is reporting that Kevin Hassett met with US President Trump twice during June to discuss the Fed Chair role. This comes as Trump continues to criticize current Fed Chair Powell for not cutting interest rates.
- The WSJ notes: " Kevin Hassett, one of Trump's closest economic advisers, is emerging as a serious contender to be the next Fed chair, according to people familiar with the matter. Hassett's rise threatens the other Kevin -- former Fed governor Kevin Warsh -- an early favorite for the job who has angled for the position ever since Trump passed him over for it eight years ago. Some people close to the president worry that Warsh, who isn't in Trump's inner circle, won't be a champion of lower rates."
- It adds: "Trump's ire with Fed Chair Jerome Powell is animating the contest. The Fed has said it wants to make sure tariffs don't rekindle inflation. Trump is demanding bigger, faster reductions and has toyed with announcing Powell's replacement much earlier than normal."
- See this link for the full article.
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MNI: CHINA MAY CPI -0.1% Y/Y VS MEDIAN -0.2%; APR -0.1%: NBS
Jun-09 01:33
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- CHINA MAY CPI -0.2% M/M VS +0.1% M/M APR
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LNG: Prices Up On Trade Deal Hopes & Expectations Of Increased Cooling Demand
Jun-09 01:24
Natural gas prices were up on Friday and finished the week higher as supply concerns came to the fore at a time of an expected pickup in cooling demand. On the demand side, US-China trade talks scheduled to take place in London on Monday are hoped to reduce risks to global energy consumption from increased protectionism. Europe rose 0.3% to EUR 36.51 after a high of EUR 36.85 followed by a low of EUR 35.87 leaving it up 6.7% on the week.
- With refilling of European storage ahead of next winter a concern, the market remains sensitive to supply disruptions, especially as temperatures are forecast to rise across most of the region.
- Norway is currently engaging in significant scheduled maintenance but there was also an unplanned disruption at its major Troll field on Friday. Inventory building will be impacted by an increase in demand elsewhere in the world, especially as summer progresses.
- US gas rose 2.9% to $3.79 to be up almost 10% last week after rising to $3.82. It was supported by expectations of warmer weather boosting cooling demand in the second part of June. It has started Monday trading 1.2% lower at $3.74.
- Prices have overlooked the large addition to storage and scheduled maintenance reducing demand for LNG processing.
- US lower-48 gas production rose 4.7% y/y while demand fell 1.1% y/y on Friday.
- Net-long positions in US Henry Hub futures rose 46.9k to the most bullish level in seven weeks according to CFTC data reported by Bloomberg.
MNI: CHINA PBOC CONDUCTS CNY173.8 BLN VIA 7-DAY REVERSE REPO MON
Jun-09 01:22
- CHINA PBOC CONDUCTS CNY173.8 BLN VIA 7-DAY REVERSE REPO MON
