Trump waives U.S. shipping law for 60 days to steady oil market
President Donald Trump issued a 60-day waiver of a longstanding U.S. shipping law in an attempt to stabilize oil markets amid the Iran war, the White House confirmed to CNBC on Wednesday.
The temporary suspension of the Jones Act “will allow vital resources like oil, natural gas, fertilizer, and coal to flow freely to U.S. ports for sixty days,” White House press secretary Karoline Leavitt said in a statement.
The Trump administration “remains committed to continuing to strengthen our critical supply chains,” Leavitt said.
The Trump administration "remains committed to continuing to strengthen our critical supply chains" amid the Iran war, press secretary Karoline Leavitt said.
www.cnbc.com
Expectations for the next Fed rate cut get pushed back after hot inflation report
Futures markets took any realistic chance of a cut off the table until at least December.
www.cnbc.com
The inflation report is for February so it does not reflect higher gasoline prices which effects everything that is moved by transport powered by fossil fuels. WTI and Brent crude are up 3% and 6% respectively. The average price of a gallon of gas in the US is up about $1.00 since trump, sorry....Bebe, decided to start the war.
The market was already predicting a small chance of a rate cut late this year. That may be off the table. Especially since Sen. Tillis will not vote to confirm trump's choice for the Fed chair until Powell is no longer in legal jeopardy.
Let's just say things could be going better.