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.
Disclaimer: Clicking on any of the above links will take you away from the LNW web page and to the source page. While we believe the information in these articles is relevant, we cannot guarantee its accuracy or completeness.
