RIGZONE
"Oil Inventories Unexpectedly Rise by 1 Million Barrels Last Week: API"
By Yasin Ebrahim
Jan 19, 2022 05:01PM ET
Investing.com - U.S. crude stockpiles unexpectedly increased last week at a time when expectations for demand continue to lean bullish.
West Texas Intermediate, the U.S. benchmark, traded at $85.19 barrel on the news, after settling up 1.8% at $86.96 a barrel.
U.S. crude inventories rose by about 1.4 million barrels for the week ended Jan.14.
That compared with a draw of 1.1 million barrels reported by the API for the previous week.
Economists were expecting a draw of about 1.4 million barrels.
The API data also showed that gasoline inventories increased by 3.5 million barrels last week, and distillate stocks decreased by 1.2 million barrels.
The data comes just as oil prices continued to trend higher following supply disruptions and bullish outlook on demand.
The International Energy Agency raised its forecast on demand this year by 200,000 barrels a day (bpd), to 3.3 million bpd.
The official government inventory report due Thursday is expected to show weekly U.S. crude supplies fell by about 1 million barrels last week.
https://www.investing.com/news/commodit ... pi-2743030
THE DAILY NEWS
Re: THE DAILY NEWS
CNBC
"10-year Treasury yield tops 1.9% before retreating"
Maggie Fitzgerald @MKMFITZGERALD Vicky McKeever @VMCKEEVERCNBC
PUBLISHED WED, JAN 19 2022
The 10-year U.S. Treasury yield hit 1.9% on Wednesday, its highest point since December 2019, and later retreated.
The yield on the benchmark 10-year Treasury note moved 1.6 basis points lower to 1.852% at around 4 p.m. ET, after hitting 1.904% earlier.
The yield on the 30-year Treasury bond fell 2 basis point to 2.167%.
Yields move inversely to prices and 1 basis point is equal to 0.01%.
Bond yields have been surging this year amid growing investor anticipation that the Federal Reserve could soon start to hike interest rates.
The 2-year Treasury yield, which reflects short-term interest rate expectations, also topped 1% for the first time in two years on Tuesday.
It rose slightly again on Wednesday, hovering above 1.047%.
In a note, BlackRock Investment Institute’s team of strategists, headed up by Jean Boivin, argued that the anticipated timing of rate hikes wasn’t causing the jump in yields.
“The sum total of expected rate hikes remains low, thanks to a historically muted Fed response to inflation,” the strategists explained.
In fact, they said that the spike in the 10-year yield “tells us that investors are less willing to pay a safety premium for bonds and isn’t bad news for stocks per se.”
In addition, the German 10-year bund yield traded in positive territory for the first time in nearly three years on Wednesday morning.
The European Central Bank is currently behind on its normalization path, compared to the Fed and the Bank of England, but surging inflation and wider moves in the global bond market have now helped to push yields above zero.
— CNBC’s Matt Clinch contributed to this market report.
https://www.cnbc.com/2022/01/19/us-bond ... hikes.html
"10-year Treasury yield tops 1.9% before retreating"
Maggie Fitzgerald @MKMFITZGERALD Vicky McKeever @VMCKEEVERCNBC
PUBLISHED WED, JAN 19 2022
The 10-year U.S. Treasury yield hit 1.9% on Wednesday, its highest point since December 2019, and later retreated.
The yield on the benchmark 10-year Treasury note moved 1.6 basis points lower to 1.852% at around 4 p.m. ET, after hitting 1.904% earlier.
The yield on the 30-year Treasury bond fell 2 basis point to 2.167%.
Yields move inversely to prices and 1 basis point is equal to 0.01%.
Bond yields have been surging this year amid growing investor anticipation that the Federal Reserve could soon start to hike interest rates.
The 2-year Treasury yield, which reflects short-term interest rate expectations, also topped 1% for the first time in two years on Tuesday.
It rose slightly again on Wednesday, hovering above 1.047%.
In a note, BlackRock Investment Institute’s team of strategists, headed up by Jean Boivin, argued that the anticipated timing of rate hikes wasn’t causing the jump in yields.
“The sum total of expected rate hikes remains low, thanks to a historically muted Fed response to inflation,” the strategists explained.
In fact, they said that the spike in the 10-year yield “tells us that investors are less willing to pay a safety premium for bonds and isn’t bad news for stocks per se.”
In addition, the German 10-year bund yield traded in positive territory for the first time in nearly three years on Wednesday morning.
The European Central Bank is currently behind on its normalization path, compared to the Fed and the Bank of England, but surging inflation and wider moves in the global bond market have now helped to push yields above zero.
— CNBC’s Matt Clinch contributed to this market report.
https://www.cnbc.com/2022/01/19/us-bond ... hikes.html
Re: THE DAILY NEWS
REUTERSGOTHAMIST
by Raphael Pope-Sussman on Feb. 1, 2017
Hundreds of New Yorkers braved freezing temperatures Tuesday night on Brooklyn’s Grand Army Plaza at a rally calling upon U.S. Senate Minority Leader Chuck Schumer to take a firm stand against the Trump administration.
The rally was the latest in a series of weekly gatherings poetically dubbed “What the F*ck, Chuck?” outside the senator’s Brooklyn home on Prospect Park West and his offices in Midtown.
As a series of speakers stood on a platform and shouted over a mobile PA system, protesters cheered and jeered as they held signs with slogans like “Buck Up Chuck”; “Resisting Trump Is Your Primary Duty”; and “Filibuster Filibuster Filibuster.”
Hae-Lin Choi, of the Democratic Socialists of America and Resist Trump NY, took the stage first, announcing herself as an immigrant and telling the crowd why organizers had called for the protest.
“We planned this rally to Schumer’s home to help him find the spine and maybe some of the other body parts he needs to grow,” she said, citing Schumer’s early “yea” votes on Trump’s nominees to lead Defense, Homeland Security, and the Central Intelligence Agency.
Choi said organizers were encouraged by Schumer’s announcement in recent days that he would vote no on eight more nominees, but that they see this as a bare minimum, and they intend to keep up the pressure.
“Senator Schumer must be bold and stand with the working class,” she cried over the loudspeaker.
“He has to champion the resistance or get out of the way and we’ll find someone that will.”
As Choi spoke, the crowd chanted, “Stand up, or get out of the way.”
"Biden blasts Republicans, asks party to name what it stands for"
By Alexandra Alper
January 19, 2022
WASHINGTON, Jan 19 (Reuters) - U.S. President Joe Biden on Wednesday accused Republicans of blocking his legislative agenda for political purposes, saying the party is more interested in defeating his presidency than doing things for the American people.
During a news briefing marking the one-year anniversary of his presidency, Biden said he did not overpromise on his agenda, but did underestimate Republican opposition.
"I did not anticipate that there would be such a stalwart effort to make sure that the most important effort was to make sure President Biden didn't get anything done," he said.
Biden added: "Name me one thing they're for."
Reporting By Alexandra Alper and Jarrett Renshaw; Editing by Chris Reese and Jonathan Oatis
https://www.reuters.com/world/us/biden- ... 022-01-19/
Re: THE DAILY NEWS
REUTERS
"TREASURIES-Yields ease, 20-year auction sees strong demand"
By Karen Brettell
JANUARY 19, 2022
NEW YORK, Jan 19 (Reuters) - U.S. Treasury yields eased on Wednesday from two-year highs, as investors took advantage of higher yields resulting from the recent sell-off to buy the debt and as the Treasury saw strong demand for a sale of 20-year bonds.
Yields have jumped this month as investors adjust to the likelihood that the Federal Reserve will tighten monetary policy more aggressively to stave off unabated inflation.
But that move paused on Wednesday, with yields dropping sharply from earlier highs and demand for U.S. debt helping the Treasury sell $20 billion in 20-year bonds.
Tom Simons, a money market economist at Jefferies, said that recent cuts to the size of the 20-year auctions likely helped the sale, after the maturity suffered from several weak auctions last year.
“Twenty years were kind of the least loved of the maturities last year,” Simons said.
However, “now that the Treasury has cut the size of the auctions pretty significantly, we’re really seeing things tighten up a little bit more.”
The bonds sold at a high yield of 2.21%, more than a basis point below where they had traded before the auction.
They last traded at 2.20% in the secondary market, after earlier reaching 2.28%, the highest since May 2021.
Yields have increased this month as investors speculate that the Fed will speed up monetary tightening, and much of the move higher in U.S. Treasury yields has been led by so-called real yields, which adjust for expected inflation.
“Real yields are responding to the faster expected pace of withdrawal both in terms of hikes as well as in terms of balance sheet support,” said Jonathan Cohn, head of rates trading strategy at Credit Suisse in New York.
Investors are fully pricing in an interest rate hike at the Fed’s March meeting, and three more hikes this year.
The Fed's January meeting next week will also be scrutinized for any clues on whether the U.S. central bank will speed up the end of its bond purchase program, and when it is likely to begin reducing the size of its massive balance sheet.
Benchmark 10-year note yields earlier rose as high as 1.902% and five-year yields reached 1.693%, both the highest since Jan. 2020.
The area from around 1.92% to 1.97% on 10-year notes drew buyers from Nov. 2019 to Jan. 2020.
Two-year note yields, which are highly sensitive to rate increases, jumped to 1.076%, the highest since Feb. 2020.
Yields on five-year Treasury Inflation-Protected Securities (TIPS), or real yields, rose to minus 1.05%, and are up from minus 1.98% in November, though they remain negative, meaning that inflation is expected to exceed the yields on the bonds.
Yields on 10-year TIPS gained to minus 0.59%.
The Treasury will sell $16 billion in 10-year TIPS on Thursday, and seasonal factors after the auction could also help stabilize the market, at least temporarily, as yields typically fall after auctions of the inflation-linked debt, said Cohn.
“There does tend to be a seasonal wherein real yields decline about 10 basis points on average after new issues in the three weeks following the auction,” Cohn said, adding that “in the near term I think we could see a bit of a respite.”
Longer-term, however, Cohn says yields are likely to continue higher through the year.
Data on Wednesday showed that U.S. homebuilding unexpectedly increased in December amid unseasonably mild weather, but soaring prices for materials after the government nearly doubled duties on imported Canadian softwood lumber could hamper activity in the coming months.
(Reporting by Karen Brettell; Editing by Jonathan Oatis)
https://www.reuters.com/article/usa-bon ... SL1N2TZ25R
"TREASURIES-Yields ease, 20-year auction sees strong demand"
By Karen Brettell
JANUARY 19, 2022
NEW YORK, Jan 19 (Reuters) - U.S. Treasury yields eased on Wednesday from two-year highs, as investors took advantage of higher yields resulting from the recent sell-off to buy the debt and as the Treasury saw strong demand for a sale of 20-year bonds.
Yields have jumped this month as investors adjust to the likelihood that the Federal Reserve will tighten monetary policy more aggressively to stave off unabated inflation.
But that move paused on Wednesday, with yields dropping sharply from earlier highs and demand for U.S. debt helping the Treasury sell $20 billion in 20-year bonds.
Tom Simons, a money market economist at Jefferies, said that recent cuts to the size of the 20-year auctions likely helped the sale, after the maturity suffered from several weak auctions last year.
“Twenty years were kind of the least loved of the maturities last year,” Simons said.
However, “now that the Treasury has cut the size of the auctions pretty significantly, we’re really seeing things tighten up a little bit more.”
The bonds sold at a high yield of 2.21%, more than a basis point below where they had traded before the auction.
They last traded at 2.20% in the secondary market, after earlier reaching 2.28%, the highest since May 2021.
Yields have increased this month as investors speculate that the Fed will speed up monetary tightening, and much of the move higher in U.S. Treasury yields has been led by so-called real yields, which adjust for expected inflation.
“Real yields are responding to the faster expected pace of withdrawal both in terms of hikes as well as in terms of balance sheet support,” said Jonathan Cohn, head of rates trading strategy at Credit Suisse in New York.
Investors are fully pricing in an interest rate hike at the Fed’s March meeting, and three more hikes this year.
The Fed's January meeting next week will also be scrutinized for any clues on whether the U.S. central bank will speed up the end of its bond purchase program, and when it is likely to begin reducing the size of its massive balance sheet.
Benchmark 10-year note yields earlier rose as high as 1.902% and five-year yields reached 1.693%, both the highest since Jan. 2020.
The area from around 1.92% to 1.97% on 10-year notes drew buyers from Nov. 2019 to Jan. 2020.
Two-year note yields, which are highly sensitive to rate increases, jumped to 1.076%, the highest since Feb. 2020.
Yields on five-year Treasury Inflation-Protected Securities (TIPS), or real yields, rose to minus 1.05%, and are up from minus 1.98% in November, though they remain negative, meaning that inflation is expected to exceed the yields on the bonds.
Yields on 10-year TIPS gained to minus 0.59%.
The Treasury will sell $16 billion in 10-year TIPS on Thursday, and seasonal factors after the auction could also help stabilize the market, at least temporarily, as yields typically fall after auctions of the inflation-linked debt, said Cohn.
“There does tend to be a seasonal wherein real yields decline about 10 basis points on average after new issues in the three weeks following the auction,” Cohn said, adding that “in the near term I think we could see a bit of a respite.”
Longer-term, however, Cohn says yields are likely to continue higher through the year.
Data on Wednesday showed that U.S. homebuilding unexpectedly increased in December amid unseasonably mild weather, but soaring prices for materials after the government nearly doubled duties on imported Canadian softwood lumber could hamper activity in the coming months.
(Reporting by Karen Brettell; Editing by Jonathan Oatis)
https://www.reuters.com/article/usa-bon ... SL1N2TZ25R
Re: THE DAILY NEWS
REUTERS
"Wall Street sell-off deepens, Nasdaq confirms correction"
By Lewis Krauskopf and Shreyashi Sanyal, Bansari Mayur Kamdar
January 19, 2022
Summary
* Nasdaq now down 10.7% from Nov 19 record close
* BofA, Morgan Stanley wrap up bank earnings on upbeat note
* Procter & Gamble gains after raising outlook
* Indexes down: Dow 0.96%, S&P 0.97%, Nasdaq 1.15%
Jan 19 (Reuters) - Wall Street's main indexes ended sharply lower on Wednesday, with the tech-heavy Nasdaq confirming it was in a correction, after a diverse set of corporate earnings and as investors continued to worry about higher U.S. Treasury yields and the Federal Reserve tightening monetary policy.
The Nasdaq ended down 10.7% from its Nov. 19 closing record high, as stocks sold off into the market close.
A correction is confirmed when an index closes 10% or more below its record closing level.
The Nasdaq's last correction was in early 2021, when the tech-heavy index fell more than 10% from Feb. 12 to March 8.
It was the fourth time in the two years since the coronavirus pandemic shook global markets that the index has found itself in a correction.
On Wednesday, Apple shares fell 2.1%, weighing most on the Nasdaq, while declines in Tesla and Amazon also dragged on the index.
Stocks have gotten off to a rocky start in 2022, as a fast rise in Treasury yields amid concerns the Fed will become aggressive in controlling inflation has particularly hit tech and growth shares.
The benchmark S&P 500 is down about 5% so far this year.
“Any beginning of tightening often results in significant volatility and I think there is always that risk that there is a policy error and it ends the economic cycle," said Kristina Hooper, chief global market strategist at Invesco.
"So we just have a lot of apprehension.”
The Dow Jones Industrial Average fell 339.82 points, or 0.96%, to 35,028.65, the S&P 500 lost 44.35 points, or 0.97%, to 4,532.76 and the Nasdaq Composite dropped 166.64 points, or 1.15%, to 14,340.26.
Consumer discretionary fell most among S&P 500 sectors, dropping 1.8%, while financials dropped about 1.7% and technology slid 1.4%.
The small-cap Russell 2000 fell 1.6%.
Stocks had tumbled on Tuesday, with the Nasdaq falling 2.6%, after weak results from Goldman Sachs and a spike in Treasury yields.
U.S. Treasury yields eased on Wednesday from two-year highs.
Investors are looking to next week's Fed policy meeting for more clarity on central bankers' plans to rein in inflation.
Data last week showed U.S. consumer prices increased solidly in December, culminating in the largest annual rise in inflation in nearly four decades.
"There's a fair amount of anxiety in terms of how the next three to six months are going to play out with a rate-hike cycle set to start likely in March," said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles.
In company news, shares of Procter & Gamble rose 3.4% after the consumer goods company bumped up its annual sales forecast.
Bank of America Corp reported a better-than-expected 30% jump in quarterly profit, while Morgan Stanley also reported fourth-quarter profit which beat market expectations, following uneven results from other banks.
Bank of America shares rose 0.4%, while Morgan Stanley shares gained 1.8%.
Declining issues outnumbered advancing ones on the NYSE by a 2.06-to-1 ratio; on Nasdaq, a 2.09-to-1 ratio favored decliners.
The S&P 500 posted 13 new 52-week highs and seven new lows; the Nasdaq Composite recorded 23 new highs and 630 new lows.
About 11.4 billion shares changed hands in U.S. exchanges, compared with the 10 billion daily average over the last 20 sessions.
Reporting by Lewis Krauskopf and Sinéad Carew in New York, Noel Randewich in San Francisco, Shreyashi Sanyal and Bansari Mayur Kamdar in Bengaluru; Editing by Maju Samuel and Lisa Shumaker
https://www.reuters.com/business/future ... 022-01-19/
"Wall Street sell-off deepens, Nasdaq confirms correction"
By Lewis Krauskopf and Shreyashi Sanyal, Bansari Mayur Kamdar
January 19, 2022
Summary
* Nasdaq now down 10.7% from Nov 19 record close
* BofA, Morgan Stanley wrap up bank earnings on upbeat note
* Procter & Gamble gains after raising outlook
* Indexes down: Dow 0.96%, S&P 0.97%, Nasdaq 1.15%
Jan 19 (Reuters) - Wall Street's main indexes ended sharply lower on Wednesday, with the tech-heavy Nasdaq confirming it was in a correction, after a diverse set of corporate earnings and as investors continued to worry about higher U.S. Treasury yields and the Federal Reserve tightening monetary policy.
The Nasdaq ended down 10.7% from its Nov. 19 closing record high, as stocks sold off into the market close.
A correction is confirmed when an index closes 10% or more below its record closing level.
The Nasdaq's last correction was in early 2021, when the tech-heavy index fell more than 10% from Feb. 12 to March 8.
It was the fourth time in the two years since the coronavirus pandemic shook global markets that the index has found itself in a correction.
On Wednesday, Apple shares fell 2.1%, weighing most on the Nasdaq, while declines in Tesla and Amazon also dragged on the index.
Stocks have gotten off to a rocky start in 2022, as a fast rise in Treasury yields amid concerns the Fed will become aggressive in controlling inflation has particularly hit tech and growth shares.
The benchmark S&P 500 is down about 5% so far this year.
“Any beginning of tightening often results in significant volatility and I think there is always that risk that there is a policy error and it ends the economic cycle," said Kristina Hooper, chief global market strategist at Invesco.
"So we just have a lot of apprehension.”
The Dow Jones Industrial Average fell 339.82 points, or 0.96%, to 35,028.65, the S&P 500 lost 44.35 points, or 0.97%, to 4,532.76 and the Nasdaq Composite dropped 166.64 points, or 1.15%, to 14,340.26.
Consumer discretionary fell most among S&P 500 sectors, dropping 1.8%, while financials dropped about 1.7% and technology slid 1.4%.
The small-cap Russell 2000 fell 1.6%.
Stocks had tumbled on Tuesday, with the Nasdaq falling 2.6%, after weak results from Goldman Sachs and a spike in Treasury yields.
U.S. Treasury yields eased on Wednesday from two-year highs.
Investors are looking to next week's Fed policy meeting for more clarity on central bankers' plans to rein in inflation.
Data last week showed U.S. consumer prices increased solidly in December, culminating in the largest annual rise in inflation in nearly four decades.
"There's a fair amount of anxiety in terms of how the next three to six months are going to play out with a rate-hike cycle set to start likely in March," said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles.
In company news, shares of Procter & Gamble rose 3.4% after the consumer goods company bumped up its annual sales forecast.
Bank of America Corp reported a better-than-expected 30% jump in quarterly profit, while Morgan Stanley also reported fourth-quarter profit which beat market expectations, following uneven results from other banks.
Bank of America shares rose 0.4%, while Morgan Stanley shares gained 1.8%.
Declining issues outnumbered advancing ones on the NYSE by a 2.06-to-1 ratio; on Nasdaq, a 2.09-to-1 ratio favored decliners.
The S&P 500 posted 13 new 52-week highs and seven new lows; the Nasdaq Composite recorded 23 new highs and 630 new lows.
About 11.4 billion shares changed hands in U.S. exchanges, compared with the 10 billion daily average over the last 20 sessions.
Reporting by Lewis Krauskopf and Sinéad Carew in New York, Noel Randewich in San Francisco, Shreyashi Sanyal and Bansari Mayur Kamdar in Bengaluru; Editing by Maju Samuel and Lisa Shumaker
https://www.reuters.com/business/future ... 022-01-19/
Re: THE DAILY NEWS
REUTERS
"Biden says Fed should 'recalibrate' policy as prices rise"
Reuters
January 19, 2022
WASHINGTON, Jan 19 (Reuters) - U.S. President Joe Biden on Wednesday said it was appropriate for the Federal Reserve to recalibrate the support it provides to the U.S. economy, in light of fast-rising prices and the strength of recovery.
"Given the strength of our economy and recent price increases, it's appropriate, as ... Fed Chairman (Jerome) Powell has indicated, to recalibrate the support that is now necessary," Biden told a news conference.
"The critical job of making sure that the elevated prices don't become entrenched rests with the Federal Reserve, which has a dual mandate: full employment and stable prices," the president said.
At the same time, he said, the White House and Congress could help contain inflation by moving to fix supply chain failures, encourage competition, and pass his Build Back Better spending bill that he says would cut childcare and other costs for families.
Fed policymakers have signaled they will raise interest rates several times this year, likely starting in March, to try to rein in inflation that's rising at its fastest pace in nearly 40 years.
A reduction in the Fed's $8 trillion balance sheet could soon follow.
At his renomination hearing earlier this month, Powell told lawmakers that he would not allow inflation to become "entrenched," and said a tighter policy stance was necessary to keep the economy growing.
Biden also called on the U.S. Senate to confirm his recent nominations for key roles on the Federal Reserve Board "without any further delay."
Biden earlier this month nominated former Fed Governor Sarah Bloom Raskin for the Fed's top regulatory post and two Black economists, Lisa Cook and Philip Jefferson, to round out the Fed's seven-member Board.
Late last year Biden renominated Powell to lead the Fed for another four years, and nominated Fed Governor Lael Brainard to serve as Fed Vice Chair.
The picks would remake the Fed Board to be the most diverse in the central bank's 108-year history.
Reporting by Alexandra Alper; writing by Andrea Shalal; editing by Cynthia Osterman and Richard Pullin
https://www.reuters.com/business/biden- ... 022-01-19/
"Biden says Fed should 'recalibrate' policy as prices rise"
Reuters
January 19, 2022
WASHINGTON, Jan 19 (Reuters) - U.S. President Joe Biden on Wednesday said it was appropriate for the Federal Reserve to recalibrate the support it provides to the U.S. economy, in light of fast-rising prices and the strength of recovery.
"Given the strength of our economy and recent price increases, it's appropriate, as ... Fed Chairman (Jerome) Powell has indicated, to recalibrate the support that is now necessary," Biden told a news conference.
"The critical job of making sure that the elevated prices don't become entrenched rests with the Federal Reserve, which has a dual mandate: full employment and stable prices," the president said.
At the same time, he said, the White House and Congress could help contain inflation by moving to fix supply chain failures, encourage competition, and pass his Build Back Better spending bill that he says would cut childcare and other costs for families.
Fed policymakers have signaled they will raise interest rates several times this year, likely starting in March, to try to rein in inflation that's rising at its fastest pace in nearly 40 years.
A reduction in the Fed's $8 trillion balance sheet could soon follow.
At his renomination hearing earlier this month, Powell told lawmakers that he would not allow inflation to become "entrenched," and said a tighter policy stance was necessary to keep the economy growing.
Biden also called on the U.S. Senate to confirm his recent nominations for key roles on the Federal Reserve Board "without any further delay."
Biden earlier this month nominated former Fed Governor Sarah Bloom Raskin for the Fed's top regulatory post and two Black economists, Lisa Cook and Philip Jefferson, to round out the Fed's seven-member Board.
Late last year Biden renominated Powell to lead the Fed for another four years, and nominated Fed Governor Lael Brainard to serve as Fed Vice Chair.
The picks would remake the Fed Board to be the most diverse in the central bank's 108-year history.
Reporting by Alexandra Alper; writing by Andrea Shalal; editing by Cynthia Osterman and Richard Pullin
https://www.reuters.com/business/biden- ... 022-01-19/
Re: THE DAILY NEWS
THE DAILY CALLER
"CDC Says Natural Immunity Outperformed Vaccines Against Delta Strain"
Dylan Housman
19 January 2022
Natural immunity from prior infection granted stronger levels of protection against the Delta variant of COVID-19 than vaccination alone, the Centers for Disease Control and Prevention (CDC) said in a study released Wednesday.
Before Delta became dominant, individuals who had natural immunity were experiencing higher case rates than individuals who were only vaccinated, the study found, but after Delta took hold, those with natural immunity caught COVID-19 less frequently than those who were only vaccinated.
The study examined four categories of people — unvaccinated and vaccinated who survived a previous COVID-19 infection, and unvaccinated and vaccinated who had never been infected — in California and New York between May and November 2021.
The highest case rates were among those who had neither been vaccinated or previously infected.
The most protection against infection and hospitalization was in those who had both been vaccinated and survived an earlier bout with the virus.
The agency cautioned that the data in question only measured results against the Delta variant and that Omicron may present new challenges that alter the calculus of natural immunity versus vaccination.
Biden administration officials and some public health experts have repeatedly downplayed the effectiveness of natural immunity against COVID-19, but this study is only the latest to indicate that recovery from prior infection can at least rival, if not surpass, that offered from vaccination alone.
Most research has shown that for maximum protection against reinfection or severe illness, those who were previously infected should still get vaccinated.
Many legacy media outlets covered the study by minimizing the finding the natural immunity outperformed vaccines and emphasizing that a combination of both provided the best protection.
Headlines from the New York Times, Associated Press, CNN and others claimed that vaccination offers the “best” or “safest” protection according to the study.
In a press call Wednesday, the CDC’s Dr. Benjamin Silk, an epidemiologist that co-authored the study, did not elaborate on the increased protection natural immunity provides and repeated the administration line that every American should get vaccinated.
https://www.msn.com/en-us/health/medica ... d=msedgntp
"CDC Says Natural Immunity Outperformed Vaccines Against Delta Strain"
Dylan Housman
19 January 2022
Natural immunity from prior infection granted stronger levels of protection against the Delta variant of COVID-19 than vaccination alone, the Centers for Disease Control and Prevention (CDC) said in a study released Wednesday.
Before Delta became dominant, individuals who had natural immunity were experiencing higher case rates than individuals who were only vaccinated, the study found, but after Delta took hold, those with natural immunity caught COVID-19 less frequently than those who were only vaccinated.
The study examined four categories of people — unvaccinated and vaccinated who survived a previous COVID-19 infection, and unvaccinated and vaccinated who had never been infected — in California and New York between May and November 2021.
The highest case rates were among those who had neither been vaccinated or previously infected.
The most protection against infection and hospitalization was in those who had both been vaccinated and survived an earlier bout with the virus.
The agency cautioned that the data in question only measured results against the Delta variant and that Omicron may present new challenges that alter the calculus of natural immunity versus vaccination.
Biden administration officials and some public health experts have repeatedly downplayed the effectiveness of natural immunity against COVID-19, but this study is only the latest to indicate that recovery from prior infection can at least rival, if not surpass, that offered from vaccination alone.
Most research has shown that for maximum protection against reinfection or severe illness, those who were previously infected should still get vaccinated.
Many legacy media outlets covered the study by minimizing the finding the natural immunity outperformed vaccines and emphasizing that a combination of both provided the best protection.
Headlines from the New York Times, Associated Press, CNN and others claimed that vaccination offers the “best” or “safest” protection according to the study.
In a press call Wednesday, the CDC’s Dr. Benjamin Silk, an epidemiologist that co-authored the study, did not elaborate on the increased protection natural immunity provides and repeated the administration line that every American should get vaccinated.
https://www.msn.com/en-us/health/medica ... d=msedgntp
Re: THE DAILY NEWS
RIGZONE
"Crude Futures Ease on Light Supply Build"
by Bloomberg | Julia Fanzeres and Devika Krishna Kumar
Thursday, January 20, 2022
Oil’s rally faltered after U.S. crude stockpiles rose modestly amid renewed pledges from President Joe Biden to try to curb prices.
Futures in New York edged lower, closing below $87 a barrel.
Domestic crude stockpiles rose last week for the first time in eight weeks, according to an Energy Information Administration report.
Despite the mixed picture on overall inventory figures, U.S. demand shows signs of still running hot.
The total volume of oil products supplied to the market was the highest for the time of year in at least 30 years.
“We might have some price shocks higher in the near term,” said Quinn Kiley, a portfolio manager at Tortoise, a firm that manages roughly $8 billion in energy-related assets.
But by the second half of this year, or early 2023, “we are going to see supply respond to meet that increased demand and have a more balanced market.”
In the meantime, the U.S. will work to accelerate the release of strategic reserves, White House National Economic Council Director Brian Deese told Bloomberg TV.
However, Biden’s options to address the rally are limited and likely short-lived.
Crude’s recent surge poses a challenge for consuming nations and central banks as they try to stave off inflation while supporting economic growth.
Oil has surged since the end of November as stronger-than-expected demand and supply outages tightened the market.
Goldman Sachs Group Inc. is forecasting a return to $100 crude in the third quarter, while the International Energy Agency said consumption is on track to hit pre-pandemic levels.
“Underlying fundamentals remain strong as confirmed by the IEA in their monthly report,” said Ole Hansen, head of commodities strategy at Saxo Bank.
“But with technical indicators flashing overbought, a period of consolidation may soon emerge.”
The report from the U.S. Energy Information Administration also showed gasoline stockpiles rose 5.87 million barrels, and the four-week rolling average for demand fell to the lowest level since March.
This is consistent with the seasonal demand lull, along with cold weather and ongoing movement restrictions curbing driving.
Prices:
West Texas Intermediate crude for February delivery, which expired Thursday, fell 6 cents to settle at $86.90 a barrel in New York.
The more-active March contract fell 25 cents to $85.55 a barrel.
Brent for March settlement fell 6 cents to $88.38 a barrel.
In the U.S., a blast of cold air across southern Texas is set to pass near one of the country’s major oil-producing regions.
The front will raise concerns for power-grid operators and natural-gas drillers, though the Railroad Commission of Texas said top producers and pipeline operators don’t anticipate anything other than normal output fluctuations.
https://www.rigzone.com/news/wire/crude ... 0-article/
"Crude Futures Ease on Light Supply Build"
by Bloomberg | Julia Fanzeres and Devika Krishna Kumar
Thursday, January 20, 2022
Oil’s rally faltered after U.S. crude stockpiles rose modestly amid renewed pledges from President Joe Biden to try to curb prices.
Futures in New York edged lower, closing below $87 a barrel.
Domestic crude stockpiles rose last week for the first time in eight weeks, according to an Energy Information Administration report.
Despite the mixed picture on overall inventory figures, U.S. demand shows signs of still running hot.
The total volume of oil products supplied to the market was the highest for the time of year in at least 30 years.
“We might have some price shocks higher in the near term,” said Quinn Kiley, a portfolio manager at Tortoise, a firm that manages roughly $8 billion in energy-related assets.
But by the second half of this year, or early 2023, “we are going to see supply respond to meet that increased demand and have a more balanced market.”
In the meantime, the U.S. will work to accelerate the release of strategic reserves, White House National Economic Council Director Brian Deese told Bloomberg TV.
However, Biden’s options to address the rally are limited and likely short-lived.
Crude’s recent surge poses a challenge for consuming nations and central banks as they try to stave off inflation while supporting economic growth.
Oil has surged since the end of November as stronger-than-expected demand and supply outages tightened the market.
Goldman Sachs Group Inc. is forecasting a return to $100 crude in the third quarter, while the International Energy Agency said consumption is on track to hit pre-pandemic levels.
“Underlying fundamentals remain strong as confirmed by the IEA in their monthly report,” said Ole Hansen, head of commodities strategy at Saxo Bank.
“But with technical indicators flashing overbought, a period of consolidation may soon emerge.”
The report from the U.S. Energy Information Administration also showed gasoline stockpiles rose 5.87 million barrels, and the four-week rolling average for demand fell to the lowest level since March.
This is consistent with the seasonal demand lull, along with cold weather and ongoing movement restrictions curbing driving.
Prices:
West Texas Intermediate crude for February delivery, which expired Thursday, fell 6 cents to settle at $86.90 a barrel in New York.
The more-active March contract fell 25 cents to $85.55 a barrel.
Brent for March settlement fell 6 cents to $88.38 a barrel.
In the U.S., a blast of cold air across southern Texas is set to pass near one of the country’s major oil-producing regions.
The front will raise concerns for power-grid operators and natural-gas drillers, though the Railroad Commission of Texas said top producers and pipeline operators don’t anticipate anything other than normal output fluctuations.
https://www.rigzone.com/news/wire/crude ... 0-article/
Re: THE DAILY NEWS
OILPRICE.com
"White House Ready To Deploy 'Tools' For Oil Price Control"
By Irina Slav
Jan 19, 2022, 11:00 AM CST
* National Security Council: White House is ready to deploy 'tools' to address oil price increase
* Biden Administration continues to work with oil-producing countries and continues to 'monitor' prices in the context of global economic growth
The Biden administration stands ready to deploy its tools to address the latest increase in oil prices, a spokeswoman for the National Security Council said this week.
"We continue to work with producer and consumer countries and these steps have had real effects on prices and ultimately tools continue to remain on the table for us to address prices," Emily Horne said, as quoted by Reuters.
"We will continue to monitor prices in the context of global economic growth and engage our OPEC+ partners, as appropriate," Horne also said.
Last year, President Biden called on OPEC to increase production in response to rising crude prices, but the cartel declined.
A harder stance followed, in which the White House said OPEC and Russia were contributing to higher bills for the American working class and again insisted that the extended oil cartel boost production by more than its originally agreed 400,000 bpd monthly.
"I do think that the idea that Russia and Saudi Arabia and other major producers are not going to pump more oil so people can have gasoline to get to and from work, for example, is not, is not, right," President Biden said in November.
"Gas prices, of course, are based on a global oil market."
"That oil market is controlled by a cartel."
"That cartel is Opec," Energy Secretary Jennifer Granholm said in November.
"So that cartel has more say about what is going on."
The next tool the White House employed when all else failed was the decision to release up to 50 million barrels of crude from the strategic petroleum reserve — a move many analysts said would not have much of an impact on prices.
Part of the amount has already been released.
OPEC and its partners, meanwhile, are facing an uphill battle to boost production even as much as necessary to fulfill their current quotas.
Only a few OPEC members, notably Saudi Arabia, have the spare capacity to boost production much further, while others, including Russia, are having trouble with increasing crude production.
This trouble is one of the reasons for the latest oil price rally, according to analysts.
By Irina Slav for Oilprice.com
https://oilprice.com/Energy/Oil-Prices/ ... ntrol.html
"White House Ready To Deploy 'Tools' For Oil Price Control"
By Irina Slav
Jan 19, 2022, 11:00 AM CST
* National Security Council: White House is ready to deploy 'tools' to address oil price increase
* Biden Administration continues to work with oil-producing countries and continues to 'monitor' prices in the context of global economic growth
The Biden administration stands ready to deploy its tools to address the latest increase in oil prices, a spokeswoman for the National Security Council said this week.
"We continue to work with producer and consumer countries and these steps have had real effects on prices and ultimately tools continue to remain on the table for us to address prices," Emily Horne said, as quoted by Reuters.
"We will continue to monitor prices in the context of global economic growth and engage our OPEC+ partners, as appropriate," Horne also said.
Last year, President Biden called on OPEC to increase production in response to rising crude prices, but the cartel declined.
A harder stance followed, in which the White House said OPEC and Russia were contributing to higher bills for the American working class and again insisted that the extended oil cartel boost production by more than its originally agreed 400,000 bpd monthly.
"I do think that the idea that Russia and Saudi Arabia and other major producers are not going to pump more oil so people can have gasoline to get to and from work, for example, is not, is not, right," President Biden said in November.
"Gas prices, of course, are based on a global oil market."
"That oil market is controlled by a cartel."
"That cartel is Opec," Energy Secretary Jennifer Granholm said in November.
"So that cartel has more say about what is going on."
The next tool the White House employed when all else failed was the decision to release up to 50 million barrels of crude from the strategic petroleum reserve — a move many analysts said would not have much of an impact on prices.
Part of the amount has already been released.
OPEC and its partners, meanwhile, are facing an uphill battle to boost production even as much as necessary to fulfill their current quotas.
Only a few OPEC members, notably Saudi Arabia, have the spare capacity to boost production much further, while others, including Russia, are having trouble with increasing crude production.
This trouble is one of the reasons for the latest oil price rally, according to analysts.
By Irina Slav for Oilprice.com
https://oilprice.com/Energy/Oil-Prices/ ... ntrol.html
Re: THE DAILY NEWS
CNBC
"10-year Treasury yield rises slightly, hovers above 1.83%"
Maggie Fitzgerald @MKMFITZGERALD Vicky McKeever @VMCKEEVERCNBC
PUBLISHED THU, JAN 20 2022
The sudden spike in the 10-year U.S. Treasury yield eased on Thursday morning, with it rising slightly to hover above 1.83%.
The yield on the benchmark 10-year Treasury note added 1 basis point, climbing to 1.8379% at around 4 p.m. ET.
The yield on the 30-year Treasury bond moved 1 basis point higher to 2.1522%.
Yields move inversely to prices and 1 basis point is equal to 0.01%.
The 10-year rate hit 1.9% in early trading on Wednesday, amid mounting anticipation that the Federal Reserve would soon raise interest rates.
Concerns around the timing of central banks tightening monetary policy, and rising inflation, has seen bonds yields jump this week.
The two-year U.S. Treasury yield, which reflects short-term interest rate expectations, also topped 1% for the first time in two years on Tuesday.
It traded at 1.0474% early on Thursday morning.
Meanwhile, the 10-year German bund yield traded in positive territory for the first time in nearly three years on Wednesday morning but had fallen back to -0.018% in early trading on Thursday.
Willem Sels, global chief investment officer, private banking and wealth management at HSBC, told CNBC’s “Squawk Box Europe” on Thursday that he expected the market to “flip-flop” around the interest rate outlook, particularly in terms of the rotation between so-called growth and value stocks.
Sels said that HSBC had forecast that the 10-year Treasury yield would range between 1.5% and 2% over the next two years.
He said that this was partly because “central banks are actually managing to keep those longer term inflation expectations in check.”
Jobless claims for the week ended Jan. 15 hit their highest level since October, the department of Labor reported on Thursday.
Initial filings for the week ended Jan. 15 totaled 286,000, well above the Dow Jones estimate of 225,000 and a substantial gain from the previous week’s 231,000.
Auctions are scheduled to be held on Thursday for $50 billion of four-week bills, $40 billion of eight-week bills and $16 billion of 10-year Treasury Inflation-Protected Securities.
https://www.cnbc.com/2022/01/20/us-bond ... eases.html
"10-year Treasury yield rises slightly, hovers above 1.83%"
Maggie Fitzgerald @MKMFITZGERALD Vicky McKeever @VMCKEEVERCNBC
PUBLISHED THU, JAN 20 2022
The sudden spike in the 10-year U.S. Treasury yield eased on Thursday morning, with it rising slightly to hover above 1.83%.
The yield on the benchmark 10-year Treasury note added 1 basis point, climbing to 1.8379% at around 4 p.m. ET.
The yield on the 30-year Treasury bond moved 1 basis point higher to 2.1522%.
Yields move inversely to prices and 1 basis point is equal to 0.01%.
The 10-year rate hit 1.9% in early trading on Wednesday, amid mounting anticipation that the Federal Reserve would soon raise interest rates.
Concerns around the timing of central banks tightening monetary policy, and rising inflation, has seen bonds yields jump this week.
The two-year U.S. Treasury yield, which reflects short-term interest rate expectations, also topped 1% for the first time in two years on Tuesday.
It traded at 1.0474% early on Thursday morning.
Meanwhile, the 10-year German bund yield traded in positive territory for the first time in nearly three years on Wednesday morning but had fallen back to -0.018% in early trading on Thursday.
Willem Sels, global chief investment officer, private banking and wealth management at HSBC, told CNBC’s “Squawk Box Europe” on Thursday that he expected the market to “flip-flop” around the interest rate outlook, particularly in terms of the rotation between so-called growth and value stocks.
Sels said that HSBC had forecast that the 10-year Treasury yield would range between 1.5% and 2% over the next two years.
He said that this was partly because “central banks are actually managing to keep those longer term inflation expectations in check.”
Jobless claims for the week ended Jan. 15 hit their highest level since October, the department of Labor reported on Thursday.
Initial filings for the week ended Jan. 15 totaled 286,000, well above the Dow Jones estimate of 225,000 and a substantial gain from the previous week’s 231,000.
Auctions are scheduled to be held on Thursday for $50 billion of four-week bills, $40 billion of eight-week bills and $16 billion of 10-year Treasury Inflation-Protected Securities.
https://www.cnbc.com/2022/01/20/us-bond ... eases.html