Wall Street Today | Biden pledges to back Fed in effort to combat high inflation
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MACRO
Biden Pledges to Back Fed in Effort to Combat High Inflation
President Biden said he would support the Federal Reserve in its effort to combat high inflation by reducing economic demand. He is set to meet with Fed Chairman Jerome Powell on Tuesday at the White House, the first such meeting since Mr. Powell was tapped by Mr. Biden and confirmed to a second four-year term by the Senate on May 12.
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Fed's Waller Backs Half-Point Rate Hikes at 'Several' Meetings
Federal Reserve Governor Christopher Waller said he wants to keep raising interest rates in half-percentage point steps until inflation is easing back toward the US central bank's goal. Waller said that his own plan for rate hikes was "roughly in line" with expectations in financial markets.
Russia Readies New Bond-Payment Plan in Bid to Avoid Default
Russia is planning a bond-payment mechanism to sidestep US sanctions and a potential default as a grace period ticks down on its latest missed coupons.
The proposal would allow foreign investors to open accounts in Russian banks in both rubles and hard currency, Finance Minister Anton Siluanov said. Unlike the previous payment system, investors will be able to access the funds without restriction, he was cited as saying.
SECTORS
EU Leaders Agree Plan for Partial Russian Oil Ban
EU leaders agreed to a partial ban on Russian oil imports, while exempting a key supply route to win the support of Hungary, as they seek ways of punishing Vladimir Putin for his war on Ukraine. The embargo will include oil and petroleum products but will exempt crude delivered by pipeline to Hungary, Slovakia and the Czech Republic, diplomats said.
Russia Cuts Gas to Dutch Energy Firm, Denmark Could Be Next
Russia will cut natural gas supplied via pipelines to the Netherlands and Denmark could be next. GasTerra BV said shipments will stop on Tuesday after it rejected new payment terms imposed by President Vladimir Putin. Denmark's Orsted A/S said it was preparing for a cut as the company, best known for its wind-power business, also refused to cave in.
COMPANIES
Paxlovid Becomes Household Name for Covid-19 Patients
$Pfizer (PFE.US)$ 's antiviral drug, called Paxlovid, totaled more than 412,000 prescriptions through May 6, compared with about 110,000 prescriptions of molnupiravir, an antiviral from $Merck & Co (MRK.US)$ and Ridgeback Biotherapeutics LP, according to drug-data firm Iqvia Holdings Inc.
Stellantis and Toyota to Expand Partnership with Large Commercial Van
$Stellantis NV (STLA.US)$ , said on Monday it would expand its partnership with Toyota Motor Europe (TME) with a new large commercial van, including an electric version.
Nestle CEO Does Not See 'Significant' Baby Formula Shortages Outside U.S.
$NESTLE S.A SPONS (NSRGY.US)$ does not expect "significant infant formula shortages" in other markets the Swiss food maker serves outside the United States, Chief Executive Mark Schneider said in an interview Monday.
Source: Bloomberg, WSJ, FT, Reuters
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NDNSTEED : meanwhile Russia is going to sell Cheap Oil & Gas to China and everybody's going to buy from China instead.
shib_army_183 : sad