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U.S. consumer prices fell for the first time in six years in June, and a key measure of underlying inflation remained essentially flat, easing pressure on the Federal Reserve to raise interest rates. According to data released Tuesday by the Bureau of Labor Statistics, the Consumer Price Index (CPI) fell 0.4% in May but rose 3.5% year-over-year. The core CPI, excluding food and energy, was unchanged in May but rose 2.6% year-over-year. The report indicated that the decline in gasoline prices in June provided some relief to consumers as the worst of the energy price shock triggered by the Iran war began to subside. Federal Reserve officials are likely to welcome the data ahead of their meeting at the end of the month; however, renewed tensions between the U.S. and Iran, leading to a rise in oil prices, could prolong the inflationary effects of the conflict. U.S. stock index futures rose and Treasury yields fell as investors reduced their bets on a July rate hike by the Fed. Data showed that core inflation was subdued, primarily due to falling prices for goods such as clothing and used cars. Motor vehicle insurance premiums also fell sharply.Following the release of the CPI data, both WTI and Brent crude oil prices remained relatively stable in the short term, trading at $79.76 per barrel and $85.5 per barrel, respectively.The yield on the two-year U.S. Treasury note fell 10 basis points to 4.18% on the day.Federal Reserve Chairman Warsh: Job growth is in line with labor force growth. The unemployment rate is low and has not changed much over the past year. Layoffs have been relatively few.Market pricing indicates that bets on a Fed rate hike this month have been lowered.

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.


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