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OPEC Meeting To Hike Oil Production Quotas

Discussion in 'Forex Daily News & Outlook' started by MTnews, Jun 7, 2011.

  1. MTnews

    MTnews Content Contributor

    Dec 17, 2007
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    Daily Market Commentary for June 7, 2011

    OPEC and cartel members poised to announce a decision to hike oil production quotas. (read more at Millennium-Traders.Com)

    Comments from Federal Reserve Bank of Chicago President Charles Evans: Shaving 2011, 2012 growth forecasts; doesn't advocate additional QE now; wants to maintain Fed's current accommodative policy; sees little deflation risk now.

    Comments from Federal Reserve Bank of Atlanta President Dennis Lockhart Speaking To An Economics Club In Charlotte, NC: Have to express some frustration with this economy; U.S. economic recovery is 'halting'; we got 'unevenness,' 'inconsistency' and 'hesitancy' in U.S.; I'm going to call for an explicitly declared inflation target; characterizing the U.S. recovery by growth, unemployment, inflation; growth in first quarter 2011 was a disappointment; growth began pretty strong in last two quarters of 2009; significant improvement in labor market has been slow to come; last Friday's employment report was clearly disappointing; recovery at two-step-forward, one-step-back pace; recent disappointing data not a reason to panic; U.S. economy has shown pretty impressive resilience amid slew of risk; troubled by lack of conviction in economy; need restored health of financial sector; need stabilized public sector fiscal underpinnings; need sustained low and stable inflation; objective of policy has to be defined in terms real people experience; real experience is headline inflation; essence of debate gauge core or headline inflation for what lies ahead; I am wary of tightening policy in face of ambiguous economy; i support setting an explicit numerical objective for inflation; it should be stated in terms of some measure of headline inflation; target should be achievable in short, realistic timeframe; should allow short-run deviations from target; without solid fundamentals, job creation will be inhibited.

    Comments from Richard W. Fisher President, Federal Reserve Bank of Dallas: Businesses are in very good shape; Texas leads us jobs recovery; U.S. central bank provided the fuel; No need for QE3; U.S. businesses lean and efficient.

    Economic data released today:

    IBD/TIPP Economic Optimism: U.S. June IBD/TIPP 6-Month Economic Outlook 44.3; U.S. Jun IBD/TIPP Economic Optimism Index 44.6 Vs 42.8 in May.

    Consumer Credit: April Credit-Card Debt Falls by $944M; March Consumer Credit Revised to up $4.82B from up $6.02B; U.S. April Consumer Credit Increased $6.25B.

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