US Treasury Secretary Bessent says the Fed could observe before cutting rates and should wait until Chair nominee Warsh is in place
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China's Foreign Minister announces that China and Russia are to strengthen their strategic partnership
US Treasury Secretary Bessent says the Treasury is to target cartel revenue streams including fentanyl and illegal alien trafficking
US Treasury Secretary Bessent says the Fed could observe before cutting rates and should wait until Chair nominee Warsh is in place
FCC commissioner Carr says "we will probably have a minor role in the most recent Paramount (PSKY) deal"
Argentinian Energy Minister says oil production could reach 1mln barrels this year
On the Newsquawk feed at , 20 minutes before this page.
China
- China has been an unreliable global partner; they have strategic petroleum reserve of some 1.2-1.3bln barrels.
- Biggest threat from China’s oil purchases is to Asian countries, not US.
- Communication with China is the key.
Iran Conflict and Oil
- Year-end oil expectations have not moved much.
- Expects Iran conflict to end and prices to come down.
- Biggest threat to global stability is a lack of growth.
- Iranians are negotiating; have now found interlocutors who can speak for the three parts of the Iranian government.
IMF Forecasts
- IMF, World Bank have probably overreacted with their economic forecasts.
- US very aligned now with IMF, World Bank after some initial inertia.
- Asked about IMF global growth downgrade, says he is less concerned about short-term forecasts than long-term security.
Tariffs
- We have put in 10% Section 122 tariffs; president hasn’t opted to lift that rate to 15% at this point in time.
Inflation
- I’m quite confident that core inflation will continue to go down.
Context
Bessent's remarks suggest a cautious approach from the Fed regarding rate cuts, indicating they may wait for the imminent Chair nominee before making significant moves. This adds an element of uncertainty to the market outlook, particularly for interest rates and the USD, as the focus shifts to the nomination process and any shifts in Fed policy or tone that Warsh might bring. Overall, this could create a more cautious mood among investors regarding Fed actions in the near term.
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