Stocks and bonds saw a widespread decline across global markets today as robust economic indicators reignited concerns about inflation and led to speculation that major central banks might maintain higher interest rates for an extended period.
Markets The fear of prolonged monetary tightening was further fueled by ongoing supply chain disruptions, including incidents in the Red Sea and the recent shutdown of the Baltimore Port, coupled with a gradual uptick in oil prices. The Federal Reserve's reiterated stance of patience regarding rate cuts has set the tone for the second quarter, ushering in the familiar good news is bad news dynamic.
aimed at supporting higher oil prices. has extended voluntary production cuts of 2.2 million barrels per day through June 30, tightening the global oil market balance. The Joint Ministerial Monitoring Committee for is set to meet on Wednesday to assess market conditions, although no recommendations to adjust production quotas are anticipated until the
biannual meeting scheduled for June 1. On the demand side, there was a positive development following on the US macro front which tends to be bullish for oil prices.
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