Fed's Musalem: Oil Shock to Keep Core Inflation Near 3%, Rates on Hold
High oil prices are likely to keep underlying inflation nearly a percentage point above the Federal Reserve's 2% target for the rest of this year, with the U.S. central bank likely needing to leave interest rates unchanged, St. Louis Fed President Alberto Musalem said.
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US Announces New Sanctions Against Iran Oil Sector
The United States announced Wednesday it is tightening sanctions against Iran's oil industry as Tehran keeps up its closure of the Strait of Hormuz as part of the war.
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New York Fed President Williams worries war will slow growth, aggravate inflation
Williams noted that the conflict has "intensified the uncertainty" around national and local conditions.
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Jobless Claims Fall as Labor Market Holds Steady
The number of Americans filing claims for unemployment benefits fell last week, suggesting labor market conditions remained stable, though employers are cautious about hiring new workers as the conflict in the Middle East casts a shadow over the economy.
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UK economy grew 0.5% in February, beating economists' expectations by a long shot
Economists polled by Reuters expected U.K. gross domestic product (GDP) to have expanded by 0.1% month-on-month.
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Cattle prices soar to record highs as grilling season heats up
Cattle futures contracts have jumped more than 25% over the past 12 months as ranchers face rising costs and cut the size of herds.
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