The Monday Mix: March 27 – April 2, 2023
Top-of-mind economic news as we start the week:
— Oil prices rose 5% to around $86/barrel (Brent Crude) after OPEC said it will cut output by 1.16 million barrels/day; analysts predict $100/barrel pricing.
— The Federal Reserve’s favored inflation gauge (the PCE) rose 0.3% in February and is up 4.6% annualized; PCE excludes food and energy.
— Core inflation in Europe (minus food and energy) was 5.7% in March, a record, while overall consumer price inflation came in at 6.9% in March.
— The average bonus paid by Wall Street firms dropped to $176,700 for 2022, a 26% decline from 2021 and back to pre-pandemic levels.
— Canada will invest over $80 billion in clean tech and energy to compete with US spending on clean energy via the 2022 Inflation Reduction Act.
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