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On May 28th, Federal Reserve Chairman Mohamed Mussaleem stated that policymakers cannot expect a potential productivity boom driven by artificial intelligence to alleviate persistently high inflation. Mussaleem noted, "I think it would be risky to rely on improved future productivity growth prospects to solve our current inflation problem." The conflict with Iran has reignited upward pressure on prices and prompted more policymakers to warn that further interest rate hikes may be necessary if inflation remains high. Mussaleem warned that, after adjusting for inflation, the Feds benchmark interest rate is currently below the so-called "neutral level"—a level that neither inhibits nor stimulates the economy. He also pointed out that the labor market remains stable, inflation is "significantly above" the Feds 2% target, and long-term inflation expectations are "gradually rising."The U.S. EIA natural gas storage figures for the week ending May 22 will be released in ten minutes.US Treasury bonds continued to rise; the 10-year yield fell 5 basis points to 4.43%.On May 28th, according to two US officials speaking to Axios, US and Iranian negotiators have reached an agreement on a 60-day memorandum of understanding aimed at extending the ceasefire and initiating negotiations on Irans nuclear program; however, Trump has not yet given final approval, requesting a few days to consider it. Signing the memorandum of understanding would be the most significant diplomatic breakthrough since the outbreak of the war, but further intensive negotiations are still needed to reach a final agreement addressing Trumps nuclear demands. US officials stated that the 60-day memorandum of understanding will stipulate that navigation in the Strait of Hormuz will be "unrestricted." One US official said this means no tolls will be charged, and no harassment will be carried out; Iran must clear all mines from the strait within 30 days. Another US official stated that the US maritime blockade will also be lifted, but this process will proceed in proportion to the progress of the resumption of commercial shipping. Officials indicated that the memorandum of understanding will include a commitment from Iran not to develop nuclear weapons. The memorandum will also stipulate that the primary negotiating topic during the 60-day window will be how to handle Irans highly enriched uranium and how to respond to Irans uranium enrichment activities. As part of the negotiations, the United States pledged to discuss lifting sanctions and unfreezing Iranian funds. The memorandum of understanding will also include discussions on establishing a mechanism to help Iran begin receiving material and humanitarian aid.Federal Reserves Mossala: Inflation is significantly above target, and expectations are rising.

In Colombia, natural gas consumption has outpaced production

Charlie Brooks

Jun 28, 2022 11:31


According to our most recent Colombia Country Analysis Brief, Colombia imported 14,2 billion cubic feet (Bcf) of natural gas to help meet its natural gas demand for electricity in 2020, when a drop in hydroelectric power was caused by drought.


In 2020, hydroelectricity will contribute to around 65% of Colombia's electrical generation, down from nearly 80% in earlier years. Since hydropower is Colombia's principal energy source, droughts may have a significant effect on the country's electrical producing mix.


The bulk of natural gas used in Colombia is produced domestically and employed to create electricity. In recent years, imports have progressively bridged the gap between domestic natural gas production and domestic demand. In 2020, Colombia produced 399 Bcf of dry natural gas, while domestic consumption was 413 Bcf.


Concerns over the reliability of the nation's electricity supply prompted the Colombian government to approve the Sociedad Portuaria El Cayao (SPEC) LNG import plant in November 2014. The facility started operations in November 2016. The administration has since proposed the Pacific Regasification LNG terminal as the nation's second LNG import plant.


EPM is currently developing the new hydroelectric dam project Ituango. The first of eight 300-megawatt generating units will commence operating in the second part of 2022. The whole project will have a capacity of 2.4 gigawatts when it is finished in 2025. If completed, the Ituango project would be the largest hydroelectric power plant in Colombia in terms of generating capacity. In 2020, the installed electrical production capacity of Colombia was 17 gigawatts.

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