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On Monday, February 9th, the German DAX 30 index closed up 284.52 points, or 1.15%, at 25004.32; the UK FTSE 100 index closed up 15.84 points, or 0.15%, at 10385.59; the French CAC 40 index closed up 49.44 points, or 0.60%, at 8323.28; the Euro Stoxx 50 index closed up 60.96 points, or 1.02%, at 6059.36; the Spanish IBEX 35 index closed up 244.61 points, or 1.36%, at 18187.91; and the Italian FTSE MIB index closed up 923.30 points, or 2.01%, at 46800.50.February 10th - European Central Bank (ECB) Governing Council member Jean-Claude Nagel stated that the ECBs current policy interest rate is at an appropriate level, and inflation, after a brief dip, is expected to stabilize near the 2% target. The ECB unanimously decided last week to keep its main interest rate unchanged at 2%, but some policymakers remained concerned that inflation, which had slowed to 1.7% last month, might weaken further, forcing the Eurozone central bank to take action. Nagel stated that the ECB would only intervene if medium-term inflation expectations deviated "persistently and significantly" from the target, but this does not appear to be the case at present. He said, "Several factors suggest that the current interest rate level is appropriate. First, the (inflation) below target is short-term and limited in magnitude; in the medium term, inflation remains at our target level." He added that long-term inflation expectations are "firmly anchored," and core inflation indicators support this assessment, as does the latest update to the ECBs December forecasts.The US 3-month Treasury auction ended February 9th with a winning yield of 3.6%, compared to 3.60% previously.The bid-to-cover ratio for the US 3-month Treasury bond auction as of February 9 was 2.76, compared to 2.81 previously.The US auction of 6-month Treasury bonds ending February 9th yielded a winning bid of 3.5%, compared to 3.53% previously.

U.S. Governor Seeks to Expand Sales of High-ethanol Blended Gasoline

Haiden Holmes

Apr 29, 2022 09:32

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Governors from Iowa, Illinois, and Minnesota wrote to the Environmental Protection Agency to argue that year-round use of the blend, known as E15, will help cut gasoline costs, which have surged to more than $4 per gallon following Russia's invasion of Ukraine.


President Joe Biden announced intentions earlier this month to enable summertime sales of E15 gasoline, which contains 15% ethanol. Summertime restrictions on E15 were enforced because of fears that it contributes to pollution in hot weather, despite the fact that research indicates that the 15% blend may not contribute to smog in comparison to the more prevalent E10 available year-round. E10 is 10% ethanol.


However, proponents of biofuels desire a more permanent solution that allows for year-round E15 sales. Increased sales of the combination would almost certainly expand the market for corn-based ethanol.


Governors may petition the EPA under the Clean Air Act to equalize the volatility standards for E15 and E10. On Thursday, the Midwest governors informed the EPA that they are pursuing this option in order to enable year-round E15 sales.


"These states have paved the way forward on E15," Renewable Fuels Association President Geoff Cooper said. "We urge additional states and the EPA to follow suit so that drivers across the country can continue to enjoy the benefits of E15."


According to the RFA, the states involved in Thursday's action are home to 57% of the nation's 2,512 stations currently selling E15.

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