Alex Williams
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September FOMC Preview
Today’s PPI data came in largely as expected, and given that the Fed’s Industrial Production data comes out tomorrow, the reflections on PPI here will be minimal.
Summary Since the passage of the Inflation Reduction Act, efforts to secure the supply of energy transition commodities have intensified considerably. The Biden Administration has announced prizes, research and development initiatives, and loans for recovery projects to improve the U.S. supply chain for critical minerals. Other advanced economies are
This week saw a flood of Fedspeak, with statements from nearly half the FOMC.
Today, we have updates for our shortage monitor as well as new data on nominal import volumes. Across these, we see a few interesting themes.
Introduction Oil markets have always been a geopolitical concern. Widening crack spreads (reflecting a tighter market) suggest that the emphasis today may be on the “geo,” rather than the “political”, as specific grades of oil—heavy or light, sweet or sour—are associated with specific geographies complicating the overall petroleum
Today’s ISM Manufacturing PMIs are consistent with a soft landing through repaired supply chains and the conclusion of bullwhip dynamics.
