ENERGY: Trump to Create Council to Drive Energy Dominance: Bloomberg
Feb-14 18:28
Trump is expected to sign an executive order creating a national energy dominance council and will task it with steering US policy on the issue, Bloomberg reported.
- This underscores his commitment to driving already record domestic production.
- The new council will be led by Interior Secretary Doug Burgum, with Energy Secretary Chris Wright as its vice-chair.
- The council will be tasked to develop strategies to attain energy dominance including by improving permitting processes and addressing regulation, the official cited by Bloomberg said. It will apply across all forms of US energy.
- Previous presidents have used similar approaches, Bloomberg noted. Former President Joe Biden created a National Climate Task Force.
- Under Trump, the government is expected to repeal Biden-era regulations limiting oil demand and raising production costs.
- However, the President ability to drive more drilling is limited, as oil companies have shown little interest in dramatically boosting output.
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FED: Williams Sees Economic Strength & Fiscal Uncertainty Behind Higher Yields
Jan-15 18:26
- Speaking in a media scrum after an earlier appearance, NY Fed’s Williams (permanent voter) said Treasury yields haven’t been driven by inflation expectations and that yields instead reflect economic strength and fiscal uncertainty.
- There have been somewhat mixed views of FOMC members on long end yield drivers recently. Goolsbee (’25 voter, dove) on Friday said long-term yields reflected increased growth expectation and weren’t driven by inflation expectations as well, although Gov. Bowman (permanent voter, hawk) on Thursday saw higher inflation expectations at least in part attributing to moves. Barkin (non-voter) meanwhile last week said he saw term premium as a factor.
Williams’ other comments focused on balance sheet policy, with the main takeaway being that reserves are still seen as being above "ample":
- *WILLIIAMS: NOT SEEING SIGNS RESERVES FALLING TO 'AMPLE' LEVEL
- *WILLIAMS: QT NOT A FACTOR IN HIGHER TREASURY TERM PREMIUMS
- *WILLIAMS: AS RESERVES DECLINE EXPECT RRP VOLUME TO MATCH
- *WILLIAMS: NO SIGN OF DISRUPTION IN REPO MARKET, AS IN 2019
- *WILLIIAMS: NO CURRENT PLANS FOR SALES OF FED'S MBS HOLDINGS" - bbg
LOOK AHEAD: Thursday Data Calendar: Weekly Claims, Retail Sales, Import/Export
Jan-15 18:19
- US Data/Speaker Calendar (prior, estimate)
- 16-Jan 0830 Initial Jobless Claims (201k, 210k)
- 16-Jan 0830 Continuing Claims (1.867M, 1.872M)
- 16-Jan 0830 Retail Sales Advance MoM (0.7%, 0.6%)
- 16-Jan 0830 Retail Sales Ex Auto MoM (0.2%, 0.5%)
- 16-Jan 0830 Retail Sales Ex Auto and Gas (0.2%, 0.4%)
- 16-Jan 0830 Retail Sales Control Group (0.4%, 0.4%)
- 16-Jan 0830 Import Price Index MoM (0.1%, -0.1%), YoY (1.3%, 2.1%)
- 16-Jan 0830 Import Price Index ex Petroleum MoM (0.2%, -0.1%)
- 16-Jan 0830 Export Price Index MoM (0.0%, 0.1%), YoY (0.8%, 1.6%)
- 16-Jan 0830 New York Fed Services Business Activity (-5.2, --)
- 16-Jan 0830 Philadelphia Fed Business Outlook (-10.9 rev, -5.0)
- 16-Jan 1000 Business Inventories (0.1%, 0.1%)
- 16-Jan 1000 NAHB Housing Market Index (46, 45)
- 16-Jan 1130 US Tsy $95B 4W & $90B 8W bill auctions
MACRO ANALYSIS: MNI US Inflation Insight: Progress But Caution Still Needed
Jan-15 18:16
- We have published and e-mailed to subscribers the MNI US Inflation Insight.
- Please find the full report including MNI analysis and analyst view changes here.
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