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On April 26, UBS said that the current market thinking is consistent with the banks basic forecast, that is, tariffs will be reduced from the current announced level for the rest of the year, and the Federal Reserve will further cut interest rates this year. However, as uncertainty in trade, economy and Federal Reserve policy remains high, expected volatility also remains high. However, UBS believes that the US stock market is attractive, and the S&P 500 index target continues to be 5,800 points by the end of the year. UBSs current basic forecast is that the Federal Reserve will cut interest rates by 75 to 100 basis points this year, but in the short term, the Feds policy flexibility seems more limited because it must balance concerns about economic growth with the risk of inflation recovery.According to AFP: Senior officials said that Ukrainian President Zelensky and US President Trump may meet in Rome.Spokesman for Ukrainian President Volodymyr Zelensky: Ukrainian President Volodymyr Zelensky has arrived in Rome to attend the Popes funeral.According to the Ukrainian National News Agency: Russian troops launched 414 attacks in the Zaporizhia region at night.Market news: Ukrainian President Zelensky and his wife arrived in Rome.

U.S. EPA Shortly to Announce Judgment on Small Refinery Biofuel Waivers

Charlie Brooks

Apr 07, 2022 09:40

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The EPA has accumulated a backlog of more than 60 requests for so-called Small Refinery Exemptions, which are sought by refineries that argue the cost of blending biofuels such as ethanol into their fuel could drive them out of business, following a 2020 court decision that narrowed the criteria for qualifying for the relief.


The EPA proposed in December to reject 65 outstanding SRE applications. According to the EPA's website, the agency currently has 69 outstanding SRE petitions.


According to the sources, the EPA is on the verge of announcing a decision on some or all of the outstanding SREs as soon as Thursday. It was unknown if the agency's conclusion would be consistent with the December suggestion.


The agency did not respond to a request for comment.


The EPA under former President Donald Trump significantly boosted such exemptions to refiners, infuriating biofuel producers who said the administration was misusing the program to benefit its oil business cronies at the cost of farmers. The EPA under Trump's administration refuted the assertion.


Oil refineries must either mix billions of gallons of corn-based ethanol and other fuels into the fuel pool or acquire credits from those that do. The initiative aims to assist farmers while also reducing fuel imports.

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