📈Inflation keeps investors on edge 🚂Bracing for U.S. rail strike ‼️ Ethereum “Merge” hours away Here’s what you need to know today:
overnight. And while it’s been tough to get a clear sense of how U.S. markets will open, futures were narrowly in the green after another gauge of U.S. inflation gave a mixed picture. The overall producer price index rose a smidge less than expected year-over-year , but the core readings ran hot. We’ll keep chasing smart perspective on the risk for investors who doubt the U.S. Federal Reserve’s resolve to tame inflation.
And consider this comment from renowned investor Mark Mobius in an interview with our Bloomberg Television partners: “The Fed has a game plan. Their game plan is to make sure that the interest rate is higher than inflation. That's the way — they believe the way — to kill inflation. So, you have eight per cent CPI. That means you have to have nine per cent interest rates.”The U.S.
Separately, Unifor said last night it has opened negotiations with Canadian Pacific Railway for a new contract to cover about 1,200 service and component makers.growth in China’s oil demand will “grind to a halt” in the fourth quarter of this year as COVID-related lockdowns ripple across the economy. Even so, the IEA only marked down its outlook for global demand growth by 110,000 barrels per day this year as the Middle East and U.S. help to offset weakness in China.
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