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On July 30th, Federal Reserve Chairman Warsh stated that since the June meeting, financial markets have already priced in most of the effects of the Feds tightening policy, therefore he does not agree with describing the decision to maintain interest rates as a "pause." Warsh said, "I wouldnt call todays decision a pause in any sense. If you have to label it a pause, then the performance of the financial markets shows the opposite." Since the Feds mid-June policy meeting, the yields on both 2-year and 10-year U.S. Treasury bonds have risen by approximately 20 basis points. Warsh pointed out that during this period, financial markets did not "pause" their adjustments, but rather continuously repriced based on inflation data and economic growth performance: on the one hand, inflation data influenced market expectations; on the other hand, strong economic growth pushed both nominal and real interest rates higher. He stated, "Today, the Fed did not explicitly adjust the policy rate, thats true. But I think this is just the beginning of the whole policy story, not the end."Canadas Minister for Trade to the United States said he held comprehensive talks with U.S. Trade Representative Greer, and both sides agreed to maintain close contact.On July 30th, Federal Reserve Chairman Warsh told reporters that he does not believe there is a general "conflict" between the central banks dual mandate—maximum employment and price stability. "My judgment is that when we fulfill our mandate, we will achieve both goals simultaneously," Warsh said, adding that there is no either-or choice regarding inflation and employment. "Neither part of our mission has been forgotten," he said, noting that what is truly damaging the markets is the problem of high and volatile inflation.US President Trump: Federal Reserve Chairman Warsh has a council, and its a political council. Warsh wants to see lower interest rates.US President Trump: Federal Reserve Chairman Warsh is excellent.

Peruvian Protesters Consent to Participate in Negotiations on MMG's Closed Copper Mine

Charlie Brooks

May 07, 2022 09:34

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Indigenous communities protesting the Las Bambas copper mine in Peru have agreed to meet with government and industry representatives on Saturday to discuss the disagreement that has led to the temporary closure of the project.


Las Bambas in southern Peru, owned and operated by China's MMG Ltd, produces 2 percent of the world's copper and contributes significantly to Peru's economy, accounting for around 1 percent of the country's gross domestic product.


The two protesting communities of Fuerabamba and Huancuire, whose members began camping on mine land in mid-April, affirmed in a document obtained by Reuters that they will participate in negotiations. They propose that they should take place outside of the surrounding area where a state of emergency has been declared.


MMG refutes the communities' claims that the firm has not met its social investment obligations.


In a letter to Prime Minister Anibal Torres, the leaders of the two groups stated, "As a demonstration of our true desire for dialogue, we affirm our participation in the meeting."


This week, community leaders stated they would not attend any meetings unless the emergency status for the area surrounding the mine was withdrawn, but Torres denied their request.


Police unsuccessfully sought to remove Huancuire community members last week, while Fuerabamba residents were expelled days earlier.


The state of emergency, which was declared at the end of April, curtailed civil liberties, including the rights to gather and demonstrate.


Fuerabamba was relocated a decade ago to make room for Las Bambas, but continuous protests and obstacles have since halted production at the profitable mine.