zerohedge @zerohedge
Top Overnight News
Trump told reporters that Fed Chair Warsh has a tough board and that he was standing by Warsh,and that he spoke to him just before the central bank unanimously voted to raise interest rates. “I’m relying on Kevin. But he has a very tough board"; he stated that interest rates are too high and not appropriate. Trump said they should be paying the lowest interest rates in the world and noted that inflation is too high. Furthermore, Trump stated he told Warsh to do what he wants and that he wants Warsh to be independent: WSJ
Oil prices fell on Wednesday after reports that Saudi Arabia was offering additional crude cargoes through Oman eased some concerns about Middle East supply disruptions, while a smaller-than-expected draw in U.S. crude inventories added further downward pressure. RTRS
Saudi Arabia is seeking to return about half the capacity of its cross-country oil pipeline within days after the link was halted last week following drone attacks. BBG
Iran vowed to respond to a U.S. blockade by pushing more trade overland. On the ground, it isn’t going according to plan. WSJ
Oil prices in China have jumped to record highs, as refiners in the world’s biggest crude importer step up a hunt for supplies amid widening fears over the security of exports from the Middle East. Oil futures in Shanghai were trading at $129 a barrel on Wednesday, above their peak of $121.80 in the first weeks of the Iran war. FT
China cut its holdings of US Treasuries to an 18-year low in July, as overall holdings by foreign countries fell for a second consecutive month amid deepening worries over the sustainability of American government debt. SCMP
Congress approved a bill giving Trump new powers to impose additional 100% tariffs on the five biggest importers of Russian oil or natural gas. The measure now goes to the president for his signature. BBG
The BOE holds interest rates at 3.75% in a 6-3 vote, all as expected. BBG
Mark Carney called for a closer alliance between Canada and the EU, risking a deeper rift with Trump, who threatened “very serious” tariffs or trade curbs over the bloc’s push to make Canada an associate member. BBG
US Senators have reportedly secured an antitrust exemption for AI companies in the defense policy legislation before negotiations over the measure were delayed: Semafor.
BofA Institute (w/e Sep 12) Total Card Spending +5.8% Y/Y (prev. +7.8%). Says K-shaped spending looks increasingly like a stale narrative.
https://x.com/zerohedge/status/2100550227547623545