Crude oil inventories in the United States declined last week to their lowest level since January 2020. Inventories dropped by 3.2 million barrels in the week ending August 13, reaching 435.5 million barrels, according to official figures released on Wednesday by the U.S. Energy Information Administration (EIA). The decline in …

The United States Treasury Secretary, Janet Yellen, remains the strongest defender of the current economic policies by the Biden administration, even among cabinet members. Given her credibility as former Chair of the Federal Reserve, and the first female to hold this post, she is repeatedly voicing her support for the …

The President of the Federal Reserve Bank of Minneapolis, Neel Kashkari, has criticized cryptocurrencies led by Bitcoin, saying that what he saw in crypto assets so far is 95% fraud, hype, noise, and confusion. The Fed official said that he was more optimistic about crypto and Bitcoin five or six …

The U.S. Dollar (USD) rose on Tuesday for the second consecutive session and registered its biggest gains against major currencies since mid-June to settle at its highest closing level since November 4, 2020. The Dollar Index (DXY) measures the greenback’s performance against a basket of six major international currencies increased …

Minneapolis Fed President Neel Kashkari is seeing a lot of slack on the sidelines of the economy, with the U.S. labor market yet to recover, noting that the spread of the Coronavirus Delta variant could possibly slow the rebound. Speaking in an event in Montana on Tuesday, Kashkari reportedly said …

The United States Federal Reserve Chairman, Jerome Powell, said on Tuesday that the coronavirus (COVID-19) pandemic is still with us and will likely continue for a while. Powell noted that people and businesses have improvised and learned how to adapt and live their lives despite COVID in what he described …

Gold prices declined on Tuesday, registering its biggest loss since the beginning of last week, as the U.S. Dollar (USD) rose against major peers. Markets are seemingly not paying the usual attention to today’s remarks by the Chairman of the United States Federal Reserve, who spoke in an academic virtual …

European stocks returned to gains on Tuesday, closing marginally higher with investors closely following recent economic data that renewed concerns over the pace of recovery with the spread of the Coronavirus Delta variant. The STOXX Europe 600 index added 0.33 points, or 0.07%, to close at 473.78 points. The healthcare …

Business inventories in the United States registered a large increase in June, the U.S. Department of Commerce reported on Tuesday. With a monthly increase of 0.8%, business inventories exceeded the 0.6% growth seen in May. On an annual level, business inventories rose by 6.6%. Retail inventories also leveled up by …

The United States Housing Market Index declined by 5 points to 75 in August, according to data by the National Association of Home Builders (NAHB) and Wells Fargo released on Tuesday. Although the reading remains positive as it is above the 50-point mark, the index has reached its lowest level …