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On February 19th, Nick Timiraos, often referred to as the "Federal Reserve mouthpiece," wrote an article on the Fed meeting minutes, stating that sometimes what the Fed doesnt mention is more interesting. In every meeting last year (up to December), staff projected that inflation would return to 2% by 2027. In December, this projection was pushed back to 2028. However, the January meeting minutes did not specify a concrete timeframe for when inflation would reach 2%. Instead, the minutes indicated that the projected figure was "slightly higher, but balanced" compared to the December projection, and that inflation was expected to return to its "previous downward trend" as the impact of tariffs was expected to end by mid-year. However, the key phrase from the December minutes ("and to reach 2% by 2028") was absent from the January minutes.February 19th - Today (February 19th) is the third day of the Lunar New Year, the fifth day of the Spring Festival holiday. The national railway system is expected to transport 13.4 million passengers today, with 747 additional passenger trains planned. Regarding ticket sales, tickets for March 5th (the seventeenth day of the first lunar month) went on sale today.The yield on Japans 20-year government bonds rose 1 basis point to 2.98%.1. All three major U.S. stock indexes closed higher. The Dow Jones Industrial Average rose 0.26% to 49,662.66 points, the S&P 500 rose 0.56% to 6,881.31 points, and the Nasdaq Composite rose 0.78% to 22,753.63 points. Goldman Sachs and Salesforce rose nearly 2%, leading the Dow Jones. The Wind U.S. Tech Big Seven Index rose 0.77%, Amazon rose nearly 2%, and Nvidia rose more than 1%. The Nasdaq China Golden Dragon Index fell 0.04%, Canadian Solar rose nearly 4%, and 21Vianet fell more than 9%. 2. All three major European stock indexes closed higher. The German DAX rose 1.12% to 25,278.21 points, the French CAC40 rose 0.81% to 8,429.03 points, and the UK FTSE 100 rose 1.23% to 10,686.18 points. 3. The WTI crude oil futures contract closed up 4.3% at $64.94 per barrel; the Brent crude oil futures contract rose 4.15% to $70.22 per barrel. 4. International precious metals futures generally closed higher, with COMEX gold futures rising 1.84% to $4996.10 per ounce and COMEX silver futures rising 4.88% to $77.13 per ounce.In January, the RMB accounted for 3.13% of global payments via SWIFT, up from 2.73% in the previous month.

The conclusion of the Argentine truckers' strike increases grain shipments

Charlie Brooks

Jul 01, 2022 11:36


The Argentine truckers' strike ended on Thursday, when several unions incensed by fuel shortages reached an agreement to terminate the one-week protest near the vital port of Rosario, which is expected to assist future grain exports.


The truck driver's protest over high gasoline prices has halted shipments of corn and other goods, just as the bulk of the harvest was making its way to ports for export to worldwide markets.


Due to the exclusion of a few tiny truckers groups from the deal, however, it is possible that certain protests may continue.


Argentina is the second-largest exporter of maize, the top exporter of processed soy oil and meal, and a major supplier of wheat and beef.


One of the unions, Autoconvocados Unidos, issued the following statement: "Despite our dissatisfaction (with the latest settlement of truck freight rates) and in light of the present crisis in our country, we have chosen to halt the strike."


The union described their action as an act of kindness.


The number of trucks entering ports surged by 70 percent on Thursday compared to the previous day, reaching approximately 1,500 vehicles, as reported by the Rosario grains market.


The Rosario ports are the departure point for 80 percent of Argentina's agricultural exports, the vast majority of which are transported by truck.


The ability of trucks to access the port is returning to normal, according to the manager of the country's marine port chamber, Guillermo Wade.


Additionally on Wednesday, the transport ministry secured a deal with non-striking agricultural and transport groups to hike grain freight charges by 25%.


However, the majority of protesting unions, led by the UNTRA truckers' union, felt the rate increase insufficient and chose to dismantle highway blockades.


The head of the UNTRA, Carlos Geneiro, said, "We have far greater expenses than that."