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Federal Reserves Kashkari: Despite artificial intelligence, I remain optimistic about the labor market outlook.Federal Reserves Kashkari: In the short term, the development of artificial intelligence is clearly driving inflation.Federal Reserves Kashkari: Artificial intelligence has likely driven up market interest rates.Both WTI and Brent crude oil prices rose by $0.60 in the short term, reaching $69.20 and $72.65 per barrel, respectively.On June 26th, Federal Reserve official Neel Kashkari stated that widespread signs of inflation led him to anticipate one interest rate hike this year in the Feds economic projections released earlier this month. Interest rates are expected to remain unchanged until 2027. In a media interview on Friday, Kashkari said, "Im concerned about inflation, and its not just about the situation in the Middle East, but rather a manifestation of broader inflationary pressures in the economy." The war in Iran has pushed up oil prices, and prices across many categories have also risen. This has exacerbated concerns among some Fed officials that inflation is becoming more widespread and persistent, potentially requiring stronger central bank action. A report released earlier this week showed that the PCE annual rate in May reached 4.1%, the largest increase since April 2023. Prices have exceeded the Feds 2% target for over five years. In the Feds dot plot projections released last week, half of the officials who provided dot plot projections expected at least one interest rate hike this year.

Plastic Consumption Is Projected to Nearly Double by 2050, According to Studies

Haiden Holmes

Feb 27, 2023 14:08

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According to research published on Monday, plastic consumption in G20 nations is on track to nearly double by the middle of the 21st century unless a comprehensive and legally binding global treaty to reduce consumption is drafted.


According to Back to Blue, a research group operated by the Economist Impact think-tank and the Nippon Foundation, existing initiatives to increase recycling or reduce single-use plastic consumption have "barely scratched the surface" and a more comprehensive global plan is required.


In Uruguay, the United Nations began negotiations on an agreement to combat plastic pollution in November, with the goal of drafting a legally binding treaty by the end of the following year. 175 countries have joined up for the negotiations.


Nonetheless, if negotiations fail, annual plastic production in G20 nations could reach 451 million tonnes by 2050 based on current development rates, according to Back to Blue - an increase of nearly 75 percent from 2019.


The research group stated, "There should be no illusions that the treaty negotiations will be anything but difficult and treacherous." "The likelihood of failure is high, both in terms of no treaty emerging and a treaty that is insufficient to reverse the plastic tide."


It called for a stricter ban on single-use plastic, as well as increased production taxes and mandatory programs to hold companies accountable for the entire lifecycle of their products, including recycling and disposal.


Back to Blue stated that the combined measures could limit annual consumption to 325 million tonnes by 2050, but that would still be a 25 percent increase from 2019 and the equivalent of 238 million garbage vehicles.


Brazil, the United States, Indonesia, and Turkey are among the G20 countries that have yet to introduce national prohibitions on single-use plastic products, according to the report.