- Even after the Federal Reserve raised rates by half a point to rein in runaway price growth, a relief rally showed signs of waning as inflation concerns resurfaced.
- Following the S&P 500 index's biggest daily gain since 2020, u.s. equity futures signalled a pause after Powell allayed fears that the central bank would raise interest rates more sharply. The S&P 500 futures fell 0.6%, while the Nasdaq 100 contracts fell 0.8%. The dollar rebounded, and treasury yields remained stable.
- Policymakers are attempting to balance the need to contain the fastest inflation in four decades with the need to maintain hard-won economic growth. In Europe, factory orders in Germany plummeted, highlighting the toll of the war. Commodity price increases complicate efforts to reduce price pressures.
- OPEC+ agrees on 432k b/d oil supply hike for June - Delegates.
- BoE policymakers Haskel, Mann and Saunders voted to raise rates to 1.25%.
- BoE Gov. Bailey: BoE forecasts do not meet the technical definition of a recession, but they do indicate a significant slowdown.
- BoE Bank Rate Actual 1% (Forecast 1%,) (Cable Weakened)
- Germany signs contracts to charter 4 floating liquid natural gas terminals.
- French Energy Minister Pompili: I am confident we will reach an EU consensus on a Russian oil import embargo by the end of this week.
