Add India to the de-dollarization campaign. As part of broader efforts to internationalize the rupee, India’s government announced that it would begin offering its currency as an alternative for trade to nations that are experiencing a dollar crunch. During a foreign trade policy meeting in New Delhi on Friday, Commerce Secretary Sunil Barthwal stated that […]
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WTI crude oil prices top $80 after OPEC+ announces surprise production cut
Saudi Arabia keeps sticking it to President Joe Biden. The Organization of the Petroleum Exporting Countries (OPEC) and its allies, OPEC+, surprised global financial markets by announcing an expected production cut on Sunday. OPEC+ producers confirmed that they will slash output by about 1.16 million barrels per day (bpd), prompting the U.S. administration to call […]
Consumer confidence weakens in March: University of Michigan
The U.S. banking turmoil has so far not really impacted consumers. Still, consumers are getting impatient in this economy. The University of Michigan’s Consumer Sentiment Index was revised lower to 62 in March, down from a previous estimate of 67. This was the first decline in the UMich sentiment index in four months. Expectations were […]
Total U.S. bank deposits fall $36 billion since the beginning of March
Are the American people losing confidence in the banking system? According to fresh data from the Federal Reserve, total bank deposits fell to $17.530 billion for the week ending March 22, down from $17.606 trillion in the previous week. At the beginning of the month, total U.S. deposits stood at $17.566 trillion. Of course, these […]
Personal income, spending growth flat; Fed’s preferred inflation gauge slows in February
Consumers’ income growth and spending levels have slowed in the early days of 2023. Inflation, meanwhile, maintains its downward trajectory. Personal income rose 0.3 percent in February, down from 0.6 percent in January. This was slightly higher than the market estimate of 0.2 percent. Personal spending edged up 0.2 percent, down from two percent in […]