• Thursday, September 29, 2016 - 15:35 Analysis: WTI Vaults $48, Retreats; OPEC Deal Short On Details 0


    By Vicki Schmelzer

    NEW YORK (MNI) - West Texas Intermediate crude vaulted the $48-per-barrel mark Thursday, underpinned by OPEC plans, announced the day earlier, to reduce production to a 32.5 to 33.0 million barrel range for OPEC-14 members.

    The front contract later backed on on profit-taking and in response to U.S. stock slippage.

    Crude prices should remain buoyant for the next few months, but may remain rangy until the details of the OPEC strategy are made known, analysts said.

  • Thursday, September 29, 2016 - 15:21 US Hill GOP Leaders Outline Preferred Fall Fiscal Scenario 0


    --Senate Majority Leader, House Speaker Want To Avoid Broad Talks W/White House
    --Senator McConnell: 'I Don't Like Omnibuses...CRs'
    --Speaker Ryan: 'We're Not In Favor of Doing a Big, Massive Omnibus'

    WASHINGTON (MNI) - Senate Majority Leader Mitch McConnell and House Speaker Paul Ryan outlined Thursday their preferred approach to post-election spending negotiations and their central message was they have no interest in getting into broad budget talks with the White House later this year.

    In separate briefings a day after Congress approved a stop-gap spending bill that will keep the...

  • Thursday, September 29, 2016 - 13:00 ECB Weidmann: Easing Policies In Place Need Time to Work 0


    --Japan is not a role model for the euro-area

    FRANKFURT (MNI) - The European Central Bank's easing measures must be given time for their full effects to unfold, Governing Council member Jens Weidmann said Thursday joining a chorus of policymakers signaling the Bank will not rush into fresh easing measures.

    "We should give already decided measures time to unfold their effect," Weidmann said in a speech text prepared for delivery in Berlin.

  • Thursday, September 29, 2016 - 12:24 US House Speaker Ryan: No 'Massive Omnibus' After Election 0


    --Ryan: Seeks Passage of 'Minibuses' After Election
    --Ryan: Still Not Enough Votes To Pass TPP This Year

    WASHINGTON (MNI) - House Speaker Paul Ryan said Thursday that he hoped Senate Democrats "drop their political shenanigans" after the November 8 elections and enter into good faith negotiations to pass fiscal year 2017 spending legislation.

    At a briefing, Ryan praised Congress for passing a stop-gap spending bill Wednesday that will fund the government until December 9, but added the legislation was needed because Democrats blocked the regular appropriations process.

    The Senate and House passed identical bills...

  • Thursday, September 29, 2016 - 10:58 Fed Gov Powell: Can Be Patient on Rate Hike; Infl Below Target 0


    By Jean Yung

    WASHINGTON (MNI) - Federal Reserve Gov. Jerome Powell said Thursday that the policymaking Federal Open Market Committee could continue to be patient in raising interest rates, in his opinion, as inflation remained below the Fed's 2% target.

    "My thought is we can continue to be patient. Inflation is below our target and has been for five years. We are also in a global environment in which growth is weak and there are deflationary forces," Powell told a community banking conference in St. Louis, Mo.

    He added the U.S. economy was "in solid shape" and improving gradually, and that he supported a path of gradual rate increases if the economy continued to perform well.

  • Thursday, September 29, 2016 - 10:40 Atlanta Fed's Lockhart Q/A: Nov Mtg Live; Hike Data Dependent 0


    --With 2% Growth, Economy Likely to Close Gaps on Infl, Employment
    --FOMC Needs To Continue to Reinforce to Markets November Is Live Meeting
    --But Also Notes FOMC Will Get More Employment Data By Dec Meeting

    ORLANDO (MNI) - Atlanta Federal Reserve Bank President Dennis Lockhart said Thursday the upcoming November meeting of the Federal Open Market Committee is a live one for a rate hike, but policymakers will get more economic data before the December meeting.

    "The outlook is for a continuation of moderate pace of economic growth around 2%," Lockhart said following a speech at the 2016...