After the Fed released minutes of its last meeting, the bond market signaled it fears the Fed will not be aggressive enough with its rate cutting.Market Insiderread more
The Fed minutes also note that "a couple" members wanted a 50 basis point cut, based primarily on the weak inflation readings.The Fedread more
The inversion is seen by many veteran traders as an important recession omen, though the timing on the eventual downturn is less predictable.Bondsread more
Here's what Nordstrom reported in their fiscal second-quarter earnings.Retailread more
The sexy image that once boosted Victoria's Secret has been haunting L Brands more recently, as women are steering clear of the brand's hot pink, lacy and bejeweled lingerie.Retailread more
President Trump and Apple CEO Tim Cook have had a rocky relationship in recent years, but Trump is now complimenting the executive publicly.Technologyread more
Apple's move into banking could break a key relationship point between customers and wireless carriers such as Verizon and AT&T, according to MoffettNathanson.Marketsread more
Federal Reserve members worried over future growth are highly concerned about the U.S.-China tariff battleThe Fedread more
President Donald Trump signed a memorandum on Wednesday to automatically cancel the student loan debt of disabled veterans. More than 25,000 service members will have their...Personal Financeread more
Reps. Rosa DeLauro, D-Conn., and Lucille Roybal-Allard, D-Calif., say they sent a letter to Homeland Security and the Department of Health and Human Services seeking answers.Health and Scienceread more
Corporate debt recently passed the $1 trillion mark in a continuing sign of global financial displacement.Marketsread more
The Middle-East-dominated oil cartel is not scheduled to make a decision over production policy until later this week, although the gathering of OPEC and other exporters in Vienna, Austria, is already shaping up to be one of the most contentious meetings in years.
Saudi Arabia and Russia — the largest non-OPEC crude producer — are both pushing for members to loosen supply controls. This comes at time of heightened pressure from President Donald Trump, who has publicly complained the group is to blame for crude prices recently soaring to multi-year highs.
Nonetheless, Iranian Oil Minister Bijan Zanganeh told reporters Tuesday that OPEC members are likely to leave the Austrian capital this week without agreeing on a path forward for their 18-month policy of limiting oil output.
Speaking in Vienna on Wednesday morning, deputy energy ministers from both Saudi Arabia and Russia — who appeared to step in for Khalid Al-Falih and Alexander Novak respectively — called for OPEC and other exporters to continue to work together.
"The opening remarks seem to clearly signal intention of the key sovereign players to respond to concerns of consumers and put some additional barrels on the market. Key question is what the MIA (missing in action) panel ministers are doing today to bridge the gap with the holdouts," Helima Croft, RBC's global head of commodity strategy, said Wednesday.
Russia has proposed OPEC and non-OPEC producers increase output by 1.5 million barrels per day (bpd). If implemented, that would effectively eradicate existing supply cuts of 1.8 million bpd that have helped to rebalance the energy market and prop up crude prices.
Meanwhile, Saudi Arabia appears interested in a hike of only 500,000-600,000 bpd. To be sure, it is not unusual for oil producers to stake out maximalist positions ahead of a high-stakes meeting.
The prospect of an agreement between OPEC and its allied partners this week would seem to rest among those members who are currently firmly opposed to a relaxation of supply cuts.
Alongside Iran — which is seen as the main barrier to any agreement — Iraq, Venezuela and Algeria are all against Saudi Arabia and Russia's calls for rising production levels, fearing a slump in prices.
"If OPEC doesn't do something I think we will see $100 oil price," Scott Sheffield, executive chairman at Pioneer Natural Resources Company, said Wednesday.
International benchmark Brent crude stood at around $75 a barrel Wednesday, recovering from lows of $27 a barrel in 2016.
"We appreciate our work never stops. It's still a work in progress. We are fully committed to sustaining balance and stability," OPEC Secretary General Mohammed Barkindo said Wednesday.