Wall Street Reacts To Powell's Last FOMC Meeting

UK Jet Fuel Rationing Risks Emerge As Goldman Warns Of "Extreme Physical Tightness" Brent crude futures briefly tumbled below $100 a barrel on Wednesday morning after an Axios report indicated the Trump administration and Tehran were working toward a one-page memorandum of understanding to end the war and reopen the Strait of Hormuz. Still, any near-term peace deal would not immediately normalize the badly fractured global energy supply chains. Crude products markets remain physically tight, and the damage from months of disrupted tanker flows will take time to unwind. Some countries...

As Stocks Hit Record Highs, Americans' Consumer Confidence Collapses To Record Low With the "mini war" still ongoing (albeit with a 'ceasefire' in place), expectations were for UMich consumer sentiment to continue languishing at record lows in final May data released this morning. And it did, with the headline sentiment - along with both Current Conditions and Expectations - all plunging to record lows... Source: Bloomberg Yep... Americans have never been more miserable... Black Friday, meh; 9/11, nothingburger; GFC, fleshwound... “The cost of living continues to be a first-order concern, with 57% of consumers spontaneously...

Hurricane Polo Disrupts Mexican Ports, Puts Key Asia Trade Gateways At Risk Hurricane Polo weakened to a Category 4 storm early Wednesday after strengthening into an "extremely dangerous" Category 5 storm and churning 210 miles south of Zihuatanejo, Mexico, in the Pacific Ocean. The storm risks disrupting critical maritime shipping lanes along Mexico's Pacific coast. FreightWaves reports that Mexico's Navy restricted major container port Manzanillo to ships of at least 500 gross tonnage beginning Tuesday morning, allowing container ships to continue operating while barring smaller craft. Ships already docked at the...