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Real-time News
According to Irans Tasnim News Agency, Iranian President Pezehizian spoke by phone with French President Macron to discuss regional developments.March 16th - A Financial Times article points out that this week will be a "super central bank week." While the interest rate decisions of these central banks are not expected to bring any surprises, the policy guidance accompanying these decisions will be closely watched given the ongoing conflict in the Middle East. The four major central banks – the Federal Reserve, the European Central Bank, the Bank of England, and the Bank of Japan – will announce their decisions one after another on Thursday Beijing time. In addition, interest rate setters from Australia, Brazil, China, Canada, Indonesia, Sweden, and Switzerland will also meet this week. With the exception of the Reserve Bank of Australia, the other central banks are likely to keep interest rates unchanged. However, the war in Iran has increased the likelihood of a rate hike later this year. The interest rate market has responded hawkishly to the impending energy price shock; expectations for rate cuts by the Federal Reserve and the Bank of England have been erased, replaced by the possibility of a rate hike by the latter. Expectations for a rate hike by the European Central Bank this year have also increased further. Since the start of the war, the Bank of Japans interest rate path has remained relatively unchanged.Downing Street: British Prime Minister Starmer and Canadian Prime Minister Carney discussed the situation in the Middle East, including the impact of the continued closure of the Strait of Hormuz on international shipping.Downing Street: Leaders discussed the current situation in the Middle East and the importance of reopening the Strait of Hormuz to end the disruption to global shipping.March 16 – Iraqi Kurdish authorities stated on Sunday that Baghdad has failed to address the security and economic challenges facing its oil industry and refuted allegations that they have refused to export crude oil via regional pipelines. This comes after the Iraqi Oil Ministry claimed that the Kurdish regional government refused to allow it to use a pipeline as an alternative route for crude oil shipments disrupted by the conflict with Iran, and accused the regional authorities of setting arbitrary conditions. In a statement, the Kurdish Regional Governments Ministry of Natural Resources said the Oil Ministrys remarks "distorted the facts" and ignored problems affecting the region, including repeated attacks on oil and gas infrastructure that have forced production shutdowns. The ministry stated, "Rogue militias have targeted all oil, gas, and energy facilities in the Kurdistan region," adding that Baghdad has taken no effective measures to stop these attacks. The ministry stated, "Production has been disrupted due to these terrorist attacks, and there is currently no oil available for export."
