At the Fourth International Petroleum Summit in Nigeria, the Secretary-General of the Organization said that members of the Organization of Petroleum Exporting Countries (OPEC)
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Data releases in the coming week will be scrutinized eagerly for clues on the length and depth of recessions caused by the Covid-19 pandemic, most notably the flash PMI updates for the US, Europe and Japan due on Tuesday.
The market volatility was driven by panic in the markets after the US Federal Reserve announced its somber forecast of the US’s economic recovery post the Covid-19 pandemic. The Fed indicated that the US economy may contract by 6.5% this year and the economic recovery from the Covid-19 pandemic-induced recession would be a slow one, with interest rates remaining very low until 2022, while maintaining its pro-economic policies.
The Federal Reserve kept interest rates close to zero on Wednesday evening, and indicated that they will remain as they are until the American economy recovers from the coronavirus pandemic. Fed Chair Jerome Powell said that there is no plan to raise interest rates, with supporting the economy the priority – and that recovery will take some time.
The Federal Reserve is meeting for the second day in a row and its decision on interest rates is scheduled to be announced this evening at 18:00 BST. This is a vital macroeconomic indicator of expectations for the US economy.
Recent weak US economic data have been mostly ignored by the market, under the logic that the powerful stimulus plans from governments and central banks will set the stage for a quick recovery and the carnage has been signaled well in advance.
Politicians and commentators have mixed feelings over whether Britain should, in the wake of the pandemic, stay allied to EU rules for a longer period.
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