Federal Reserve Federal Open Market Committee (FOMC) December minutes due Wednesday

Coming up later today from the US is a barrage of data and also, and of much focus, the minutes of the Federal Open Market Committee (FOMC) December 13th – 14th meeting.

Due at 1900 GMT on Wednesday 04 January 2023.

  • Inflation developments, Fed officials have been keen to point out further upside risk for CPI
  • softening financial conditions prior to the meeting, does the FOMC need to push harder against these?
  • terminal rate predictions in the future; Chair Powell said at his news confernce on the 14th that Powell had said in his press conference that he “can’t tell you confidently that we won’t raise our terminal rate estimate again in March”
fomc 04 January 2023

Saudi Arabia may cut Arab Light crude prices to Asia – slow demand, more Russian supply

An interesting item from Reuters on Saudi Arabia’s state oil giant Saudi Aramco maybe cutting the official selling price (OSP) for its flagship Arab Light crude grade to Asia in February.

“The near-term market outlook is dim. More Russian barrels are expected to flow to Asia, but demand is not picking up,” said one respondent to the Reuters poll of analysts.

Reuters adds:

  • The price cut comes as Russia diverts its oil from Europe to Asia, after the European Union banned seaborne crude oil imports from Dec. 5, alongside a price cap introduced by the Group of Seven (G7) nations that restricts Russian oil trade using Western financial, shipping and insurance services.

Here is the link to the piece for more.

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