Currencies
The dollar was slightly firmer.
Metals
That narrative is starting to change.Over the past few years a series of innovations are enabling the use of clean electricity to make cement and steel instead. For the past decade, Boston Metal has been developing a method to turn iron ore to iron using electricity.
United States
Federal Reserve Vice Chair La View in browser Doves and hawks debate Fed policy, the rout in chips spreads and the UK battles a fire sale in bond markets. In comments on Monday, Brainard advised the Fed should move forward “deliberately” and in a “data-dependent manner” to gauge how previous rate hikes are working through the economy. )In the US, a majority of almost 12,000 union railroad workers voted to reject a tentative labor agreement brokered in part last month by President Joe Biden.
Retail reshoring | For some firms, China s allure as a top factory hub is fading even if the US isn t fully ready for a full manufacturing revival. Cecilia Mariotti and her team warned two-year yields would need to peak to see a top in Fed hawkishness. That comes as the US imposes sweeping curbs on companies that conduct technology business with China. But many people around the US still haven t even received their first shots. As for the future, he s warning the US is probably headed for a recession, but it s likely to be a mild one.
Blinder book | Former Fed Vice Chair Alan Blinder has a new book out on the US s economic history. The market didn’t like the development, because it’s perceived that lower unemployment means more Fed tightening.
Retail reshoring | For some firms, China s allure as a top factory hub is fading even if the US isn t fully ready for a full manufacturing revival. Cecilia Mariotti and her team warned two-year yields would need to peak to see a top in Fed hawkishness. That comes as the US imposes sweeping curbs on companies that conduct technology business with China. But many people around the US still haven t even received their first shots. As for the future, he s warning the US is probably headed for a recession, but it s likely to be a mild one.
Blinder book | Former Fed Vice Chair Alan Blinder has a new book out on the US s economic history. The market didn’t like the development, because it’s perceived that lower unemployment means more Fed tightening.
Europe
FriteWaves | The Colombian government initiated an appeal arbitration proceeding on Monday aimed at resolving a World Trade Organization dispute with the European Union over frozen french fries.
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