Financial markets have consistently overestimated the Federal Reserve's readiness to cut interest rates in recent years. But the latest Fed chatter, softening economic data and a dramatic reversal in oil prices suggest they could be right this time. The central bank last week appeared to pour ice cold water on traders' hopes for a dovish steer. In the Fed's summary of economic projections, officials maintained their median 'dot plot' projection of two 25 basis point rate cuts this year. But it [Read more]

Oil prices tumbled on Tuesday to their lowest level in more than a week as U.S. President Donald Trump said a ceasefire has been agreed between Iran and Israel, relieving worries of supply disruption in the area. Brent crude futures fell $2.69 or 3.76% to $68.79 a barrel as of 0006 GMT, after falling more than 4% earlier in the session and touching its lowest level since June 11. U.S. West Texas Intermediate crude slumped $2.7, or 3.94%, to $65.46 per barrel, having hit its weakest level [Read more]

Israel's attacks on Iran citing "possible future threat" and U.S. attacks on Iran's nuclear facilities "sent wrong signals to the world and set a bad precedent," China's Foreign Minister Wang Yi said on Monday. All parties to the conflict should take measures to cool down the situation and return to dialogue and negotiation, he said. Wang made the remarks during a meeting with former British Prime Minister Tony Blair in Beijing on Monday, according to a statement released by his [Read more]

U.S. power prices soared to their highest since the winter as homes and businesses cranked up their air conditioners to escape a brutal heat wave blanketing the eastern half of the country, stressing regional power grids. Extreme weather reminds consumers of the fatal freeze in February 2021 that left millions of Texans without power, water and heat for days and a brutal heat wave in August 2020 that forced the California power grid to impose rotating outages that affected about 800,000 [Read more]

U.S. President Donald Trump expressed a desire on Monday to see oil prices kept down amid fears that the aftermath of the attacks on Iran's nuclear facilities could cause them to spike. "Everyone, keep oil prices down, I'm watching! You're playing into the hands of the enemy, don't do it," Trump wrote in all caps on his Truth Social platform. Trump followed up with another post addressed to the U.S. Department of Energy, encouraging it to "drill, baby, drill" and saying, "I mean [Read more]