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The yield on the two-year U.S. Treasury note fell to a six-month low of 3.6550% and was last at 3.6611%.On April 4, local time on April 3, U.S. Secretary of Health and Human Services Robert Kennedy Jr. said that about 20% of the layoffs in the Department of Government Efficiency were wrong and needed to be corrected. The U.S. Department of Health and Human Services laid off about 10,000 people on the 1st. Kennedy said that people who should not have been laid off were laid off, and the department is restoring their positions. Kennedy said that canceling the entire lead poisoning prevention and monitoring department of the Centers for Disease Control and Prevention was one of the mistakes. At present, it is unclear what other projects Kennedy may plan to restore.Bank of Japan Governor Kazuo Ueda: Will consider the impact of food costs on consumers.On April 4, local time on the 3rd, the automobile company Stellantis said that due to the impact of the US import automobile tariff policy, the company decided to lay off 900 employees in its five US factories and suspend production operations at two assembly plants in Canada and Mexico. Antonio Filosa, Chief Operating Officer of Stellantis Americas, said that the US factories that were laid off were powertrain and stamping parts factories, which produced spare parts for two assembly plants in Canada and Mexico. According to the plan, the assembly plant in Canada will stop production for two weeks, and the assembly plant in Toluca, Mexico will suspend production throughout April. Filosa said the company is "continuing to evaluate the medium- and long-term impact of tariffs on operations."Bank of Japan Governor Kazuo Ueda: Non-weather factors may push up food prices.

Oil Prices Fall After Three Days Amid Fed Uncertainty And Rising U.S. Inventories

Skylar Williams

Feb 09, 2023 11:31

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Oil prices remained subdued on Thursday as hawkish remarks from Federal Reserve officials bolstered the dollar and stoked fears of additional interest rate hikes, while U.S. oil stocks increased for a seventh consecutive week.


Given that inflation is still heading substantially beyond the central bank's target, markets reassessed their forecast for U.S. interest rate hikes this year following hawkish overnight remarks from Federal Reserve policymakers.


This strengthened the currency, which weighed on the crude market. The potential of increasing U.S. interest rates also bodes poorly for oil, given that the accompanying downturn in economic activity might further impede demand.


Fears of a more hawkish Fed returned after stronger-than-anticipated U.S. employment statistics shook crude markets last week.


By 20:50 ET, Brent oil prices were unchanged at $85.19 per barrel, while West Texas Intermediate crude futures increased 0.1% to $78.58 per barrel (01:50 GMT). Both contracts increased by as much as 6% over the preceding three days and were trading around their highest levels in two weeks.


Optimism over a demand resurgence in China and supply interruptions caused by an earthquake in Turkey and Syria fueled big rises in petroleum prices this week. Earlier this week, the International Energy Agency confirmed its projection for a robust recovery in Chinese demand this year.


While some pipeline flows from Iraq to Turkey have restarted after being halted earlier this week, inclement weather has prevented the resumption of exports from the major port of Ceyhan. This trend foretells a near-term shortfall of supplies to areas of Europe and Israel.


However, this was offset by predictions of a supply surplus in the United States, the largest oil user in the world. Wednesday's government statistics indicated that U.S. oil inventories increased for the seventh straight week, with gasoline and distillate stockpile increases indicating that demand for retail fuel remained weak.


In the following days, the focus will be on a succession of inflation figures from big nations, beginning with China on Friday. The markets will closely monitor if price pressures have eased in the country since the majority of anti-COVID measures were loosened earlier this year.


Next week's U.S. inflation report is anticipated to influence monetary policy in the coming months.