1) US crude inventories dropped 4.3 million barrels last week
U.S. crude stockpiles dropped sharply last week by 4.3 million barrels, snapping two-weeks of gains from fears of a supply shortage over Russia sanctions. The drop was higher than a 3.8 million barrels draw a week prior and a forecast of a build of about 25,000 barrels by economists.
2) Citi expects 50bp rate hike in May
Citi said that the Fed’s Chair Jorome Powell’s comments suggested that 50bp rate hikes are not only on the table, but are likely. The firm stated that it maintained its estimate of 50bp rate hike in May, while asserting that it would not be surprised by back-to-back 50bp hikes so long as monthly core inflation remains strong.
The forecast came after the Fed said that it would move on policy rate hike aggressively if the inflation remains high.
3) Biden to sanction hundreds of Russian lawmakers
The U.S. President Joe Biden will reportedly announce sanctions on more than 300 members of Russia’s lower chamber of parliament, known as the State Duma, as soon as Thursday over its nearly a month-long invasion of Ukraine.
