2025-09-17 19:25
Sept 17 (Reuters) - Federal Reserve Chairman Jerome Powell said Wednesday the U.S. central bank is undergoing a notable reduction in the ranks of those who work for the institution. The Fed leader, speaking in a press conference, said the central bank is currently in the process of shedding 10% of its staff and "at the end of that" Fed staffing will be where it was a decade ago. On the prospect of reforms of the Fed, Powell said "we're certainly open to constructive criticism and ways to do our jobs better," but he leaned against the need for a formal review of the central bank. Sign up here. https://www.reuters.com/business/feds-powell-said-central-bank-is-cutting-10-its-staff-2025-09-17/
2025-09-17 19:25
CAIRO, Sept 17 (Reuters) - Gulf central banks cut their key interest rates on Wednesday after the Federal Reserve cut U.S. interest rates by 25 basis points for the first time this year. The Fed cut its rate by a quarter of a percentage point, in a move that won support from most of President Donald Trump's central bank appointees. Sign up here. The Gulf's oil and gas exporters generally follow the Fed's lead on rate moves as most regional currencies are pegged to the U.S. dollar. Only the Kuwaiti dinar is pegged to a basket of currencies, which includes the U.S. dollar. While most regional economies have been largely shielded from stubbornly high inflation elsewhere, all have implemented ambitious economic diversification plans to boost non-oil growth and develop sectors such as real estate, tourism and manufacturing, which require billions in financing and investment. Saudi Arabia, the region's biggest economy, cut its repurchase agreement (repo) rate by 25 bps to 4.75% and its reverse repo rate also by 25 bps to 4.25%. The United Arab Emirates' central bank also reduced the base rate applied to its overnight deposit facility by 25 bps to 4.15%, from 4.40%, effective Thursday. "The immediate impact (of a Fed cut) would be lower borrowing costs across public and private sectors, easing pressure on governments, firms, and households and supporting broader fiscal stimulus and investment," said Hamza Dweik, Saxo Bank's head of trading for Middle East and North Africa. "A softer dollar, often associated with Fed easing, could support oil prices, benefiting GCC exporters. Nevertheless, energy-market volatility remains a key risk, given evolving global demand dynamics," Dweik said. Qatar's central bank reduced its deposit rate by 25 bps to 4.35%, its lending rate by 25 bps to 4.85% and its repo rate by 25 bps to 4.60%. Bahrain's central bank also cut its overnight deposit rate by 25 bps to 4.75% from 5%, effective Thursday. Kuwait cut its discount rate by 25 basis points to 3.75% from 4%. The Central Bank of Oman cut its repo rate by 25 basis points to 4.75%. A Reuters poll in July showed ramped-up oil production and diversification efforts will help most Gulf economies grow faster this year than they did in 2024. https://www.reuters.com/world/middle-east/gulf-central-banks-cut-key-interest-rates-following-fed-move-2025-09-17/
2025-09-17 19:22
BUENOS AIRES, Sept 17 (Reuters) - Argentina's economy expanded 6.3% in the second quarter compared to the same quarter in 2024, official data showed on Wednesday, marking three straight quarters of growth and coming just under economists' expectations. Analysts polled by Reuters had forecast a 6.5% expansion. Sign up here. Compared to the first quarter, GDP shrunk 0.1% in seasonally adjusted terms, Argentina's national statistics agency INDEC said in a report. The year-on-year increase was mainly due to booming investment, specifically gross fixed capital formation, which surged 32.1% compared to the same quarter last year. GDP was also boosted by strong performance in finance, tourism and construction, INDEC said. Economists have been watching how Latin America's third-largest economy consolidates its recovery from a recession it exited late last year. Some argue that despite recent growth the economy faces headwinds in domestic consumption and industrial output. Economists have also warned that high interest rates and structural challenges threaten long-term growth. The central bank's latest market expectations survey forecasts GDP to grow 4.4% in 2025. https://www.reuters.com/world/americas/argentinas-economy-expands-63-second-quarter-2025-09-17/
2025-09-17 19:10
Fed cut interest rates as expected US distillates stocks build stokes demand concerns Russian supply disruption risks persist NEW YORK, Sept 17 (Reuters) - Oil prices eased on Wednesday after data showing an increase in U.S. diesel stockpiles stoked worries about demand and the U.S. Federal Reserve cut interest rates as expected. Brent crude futures settled 52 cents, or 0.76%, lower to $68.22 a barrel while U.S. West Texas Intermediate crude futures lost 47 cents, or 0.73%, at $64.05. Sign up here. U.S. crude inventories fell sharply last week with a jump in exports and a sharp decline in imports, the Energy Information Administration said on Wednesday. But the rise in distillate stockpiles stoked demand concerns and kept a lid on prices, analysts said. "Looks like markets are responding on diesel, which is the soft underbelly of the entire complex," said Phil Flynn, a senior analyst at Price Futures Group. U.S. Federal Reserve on Wednesday cut interest rates by a quarter of a percentage point as expected and indicated it will steadily lower borrowing costs for the rest of this year, as policymakers responded to concerns about weakness in the . "This was not unexpected," said Phil Flynn, a senior analyst at Price Futures Group. "Right now the market is playing both sides in the middle." On the supply side, Kazakhstan resumed oil supplies through the Baku-Tbilisi-Ceyhan pipeline on September 13, state energy company Kazmunaygaz (KMGZ.KZ) , opens new tab said on Wednesday. Supplies were suspended last month because of contamination issues. In Nigeria, President Bola Tinubu on Wednesday lifted a six-month emergency rule in Rivers, a state located in the hub for Nigeria's crude exports. Russian oil supply risks were also in focus after Ukraine's attacks on Russia's energy infrastructure intensified in recent weeks. Russia's oil pipeline monopoly Transneft (TRNF_p.MM) , opens new tab warned producers they might have to cut output after Ukraine's drone attacks on critical export ports and refineries, three industry sources told Reuters on Tuesday. https://www.reuters.com/business/energy/oil-prices-ease-us-demand-concerns-2025-09-17/
2025-09-17 18:52
PORT OF SPAIN, Sept 17 (Reuters) - An auction of deepwater oil and gas exploration and production blocks in Trinidad and Tobago has failed to attract significant interest from foreign investors, with bids submitted for just four of the 26 areas on offer. The bidding round closed on Wednesday with bids from China's CNOOC (600938.SS) , opens new tab for three areas and a consortium of smaller energy firms for another block, Trinidad's Ministry of Energy said. Sign up here. With several auctions in Latin America this year and a limited number of deepwater energy players, Trinidad is realistic about the challenges of getting significant bids, said junior energy minister Ernesto Kesar. The twin-island Caribbean country, Latin America's largest exporter of liquefied natural gas, has been pushing producers, especially those offshore, to accelerate natural gas output so it can increase utilization of its gas processing capacity and exports. The auction, which included blocks bordering Venezuela and Guyana, follows a key separate agreement with Exxon Mobil (XOM.N) , opens new tab that will allow the U.S. oil major to explore a large area equivalent to seven ultra-deepwater blocks and could bring as much as $21.7 billion to the country if reserves are found. The auction was originally expected to close on July 2, but was extended to September after Trinidad's energy ministry said potential bidders needed more time to assess the data. Trinidad does not currently have any production from its deepwater acreage. But Woodside Energy (WDS.AX) , opens new tab is considering the development of its Calypso gas discovery and BP (BP.L) , opens new tab and Shell (SHEL.L) , opens new tab have recently completed seismic work at three deepwater blocks. Trinidad's deepwater and ultra-deepwater plays are thought to have different geological formations. https://www.reuters.com/business/energy/trinidad-tobago-receives-bids-four-out-26-deepwater-oil-gas-blocks-2025-09-17/
2025-09-17 18:49
Sept 17 (Reuters) - There was no widespread support for a larger, half-percentage-point interest rate cut at the Federal Reserve meeting this week, Fed Chair Jerome Powell said on Wednesday, after the central bank cut its policy rate by a quarter point. "There wasn't widespread support at all for a 50 basis point cut today," Powell told reporters at a press conference following the Fed's two-day meeting. Sign up here. "You know ... we've done very large rate hikes and very large rate cuts in the last five years, and you tend to do those at a time when you feel that policy is out of place and needs to move quickly to a new place." https://www.reuters.com/business/no-big-push-larger-rate-cut-feds-powell-says-2025-09-17/
