PRIMER - Today's afterhours Fedspeak includes voters Miran, Jefferson, Barr, Cook
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Meta (META) now plans to spend USD 10bln on its AI data center in El Paso, Texas, up from a prior commitment of USD 1.5bln, via CNBC
Upside in Madrigal Pharmaceuticals (MDGL) attributed to M&A chatter on Betaville with Eli Lilly (LLY) rumoured to be potential buyer - UNCONFIRMED
PRIMER - Today's afterhours Fedspeak includes voters Miran, Jefferson, Barr, Cook
US CRUDE WRAP: WTI (K6) SETTLES USD 4.16 HIGHER AT USD 94.48/BBL; BRENT (M6) SETTLES USD 4.63 HIGHER AT USD 101.89/BBL
The intelligence agencies of the Gulf countries fear that Trump will reach a ceasefire with Iran without the issue of the enriched uranium in Iran's possession being resolved, via Kann news
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- 20:00GMT/16:00EDT: Fed’s Cook (voter, neutral; text and Q&A expected) to give a speech on ‘Reflections on Financial Stability’; speaking last month, Cook said the Fed may not be able to counter rising unemployment caused by AI adoption. She said that if AI continues to boost productivity, economic growth could stay strong even as labour market churn raises unemployment, and in such a productivity boom higher unemployment may not signal greater slack.
- 22:30GMT/18:30EDT: Fed’s Miran (voter, dovish dissenter; text and Q&A expected) to speak on the Fed’s Balance Sheet. Overnight, Miran said he raised his projection for where rates should end the year by 0.5ppts after disappointing inflation data; he said the change was not due to oil or Iran. Miran added that the jobs market has been weak, and the economy can do with extra support.
- 23:00GMT/19:00EDT: Fed’s Vice Chair Jefferson (voter, dovish) will speak on the outlook; speaking in February (prior to the Iran conflict), Jefferson said he was cautiously optimistic about the US economy and expects disinflation to resume this year as higher tariffs pass through to prices. He said that strong productivity growth could also help bring inflation back to the Fed’s 2% target.
- 23:10GMT/19:10EDT: Fed’s Barr (voter, neutral; text and Q&A expected) will speak on the economy; this week, Barr said rates may need to stay steady for some time as inflation remains notably above its 2% target. He wants to see evidence that goods and services inflation are sustainably retreating before considering further cuts, provided labour market conditions remain stable.
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