Key Takeaways
- Federal Reserve officials, including Boston Fed President Susan Collins and Governor Lisa Cook, are emphasizing the significant role of economic uncertainty in their policy considerations, with Collins indicating a "wait and see" approach to price setting.
- Governor Cook expressed concern over the July jobs data, noting that "big revisions can happen at economic turning points" and stressing the need for caution and humility when analyzing economic data.
- ADNOC has set its September Murban crude price at $71.12 per barrel, with specific adjustments for other crude grades.
- Japan's Trade Chief Akazawa reiterated terms for a reciprocal tariff deal, urging its quick implementation and advocating for auto tariff cuts.
Federal Reserve Officials Discuss Economic Outlook and Uncertainty
Federal Reserve officials are keenly focused on the prevailing economic uncertainty, which is influencing their approach to monetary policy and price setting. Boston Fed President Susan Collins stated that current uncertainty levels are leading to a "wait and see" approach regarding price setting. Collins further emphasized that uncertainty must be measured holistically, utilizing a comprehensive view of available data.
Fed Governor Lisa Cook echoed these sentiments, highlighting that policymakers must recognize the financial stability component of uncertainty. Governor Cook also expressed reservations about the recent July jobs data, describing it as "concerning." She cautioned that significant revisions are possible at economic turning points, underscoring the necessity for policymakers to be both cautious and humble when evaluating economic data. Governor Cook participated in a panel discussion on the U.S. and global economy at the Boston Fed, where these insights were shared.
ADNOC Finalizes September Crude Oil Prices
In the energy markets, the United Arab Emirates' (UAE) national oil company, ADNOC, has finalized its crude oil prices for September. The September Murban crude price has been set at $71.12 per barrel. Adjustments for other crude grades against Murban include Umm Lulu at +$0.10, Das at -$0.55, and Upper Zakum at -$0.25.
Japan Calls for Swift Implementation of Trade Deal
On the international trade front, Japan's Trade Chief Akazawa has reiterated the terms of a reciprocal tariff deal. Akazawa urged for the quick implementation of this agreement and specifically called for reductions in auto tariffs. This push highlights ongoing efforts to streamline trade relations and reduce barriers in key sectors.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.