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  • Chile workers strike at Codelco, world’s largest copper producer

    From aljazeera.com

    Workers at Chile’s state mining company Codelco – the largest producer of copper in the world – have launched an open-ended strike in protest of the government’s closing of a foundry to curtail pollution. At least 18 people were arrested after the strike began on Wednesday. Workers gathered at six mining facilities around the country, blocking the entrances and setting tyres on fire. Among the facilities targeted was the Ventanas foundry, which the government announced last week that it would shut down after a series of sulphur dioxide poisonings were reported in the area. Union officials have described the ... (full story)

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    Bowman: The Outlook for Inflation and Monetary Policy

    From federalreserve.gov|Jun 23, 2022|3 comments

    Thank you to the Massachusetts Bankers Association for the opportunity to speak to you today. It is often good to get away from Washington to gain some perspective, and it's always worthwhile for me when I can get some perspective from bankers. I will touch on some of the banking issues I expect are on your minds, but one of the biggest issues for everyone right now is inflation, what the Fed is doing to get inflation under control, and the implications for your businesses, your customers, and your communities. Inflation is the highest we have seen in the United States in 40 years and so far it shows little sign of moderating. At the same time, the economy is growing at a moderate pace, and the labor market is extremely tight, as indicated by a variety of measures including reports of many employers unable to find workers despite significantly raising wages. That tightness is contributing to inflation, because labor is the largest input cost for producing goods and providing services. Inflation is a significant challenge for everyone, but it hits lower- and moderate-income people the hardest, since they spend a larger share of their incomes on necessities and often have less savings to fall back on. Inflation is also a burden for businesses that must somehow balance unpredictable costs while setting prices that aren't so high that they discourage customers from purchasing. Inflation that continues at these levels is a threat to sustained employment growth and to the overall health of the economy. The inflation data show that, afte tweet at 11:00am: FED'S BOWMAN: ANOTHER 75 BPS RATE HIKE WILL BE APPROPRIATE IN JULY, AND HIKES OF AT LEAST 50 BPS AT NEXT FEW SUBSEQUENT MEETINGS.

    India’s gold market in May: retail demand improved and imports jumped

    From gold.org|Jun 23, 2022

    Retail demand remained strong y-o-y during the first three weeks of May due to robust Akshaya Tritiya sales, wedding demand and the lower base period of 2021.3 But demand softened ...

    Fed's Powell: We have an unconditional commitment to fighting inflation

    From @DailyFXTeam|Jun 23, 2022|4 comments

    tweet at 10:29am: Fed's Powell: - We have an unconditional commitment to fighting inflation - The labor market is unsustainably hot tweet at 10:29am: POWELL: SIGNIFICANTLY MORE CHALLENGING TO BRING DOWN INFLATION WITHOUT IMPACTING THE LABOR MARKET tweet at 10:35am: FED'S POWELL Q&A: SOME OF INFL IS OUT OF FED'S CONTROL, LIKE ENERGY; EUROPEAN COUNTRIES HAVE VARYING HIGH RATES OF INFLATION; FED HAS TOOLS VS DEMAND #Powell #federalreserve tweet at 10:36am: Fed's Powell: - The impact of shrinking the balance sheet will be marginal compared to impact of rising interest rates - US inflation is a consequence of very strong demand tweet at 10:42am: POWELL: OUR INTENTION IS TO ACHIEVE A SOFT LANDING POWELL: PATH TO DO THAT HAS GOTTEN MORE AND MORE CHALLENGING

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    Assessing Inflation’s Effects Across Emerging Markets

    From blog.pimco.com|Jun 23, 2022

    The current inflationary shock is a global phenomenon, driven by supply chain disruptions and the Russia-Ukraine war’s impact on food and commodity prices, with consequences for ...

    New Squeeze Hits London Metal Market With Zinc Spreads Spiking

    From bnnbloomberg.ca|Jun 23, 2022

    There’s a new supply crisis brewing on the London Metal Exchange, as plunging stockpiles of zinc leave buyers facing a huge premium to obtain spot metal. The premium for spot zinc ...

    Fed will maintain tightening – but soft landing still possible

    From omfif.org|Jun 23, 2022|1 comment

    The US Federal Reserve is likely to carry on with active monetary tightening to break 8%-plus inflation even at the risk of provoking a recession. But the chances of a ‘soft ...

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  • Posted: Jun 23, 2022 11:30am
  • Submitted by:
     Newsstand
    Category: Fundamental Analysis
    Comments: 0  /  Views: 41
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