* EU leaders agree on partial ban on Russian oil imports * China mfg sentiment improves in May but is still contracting * Eurozone economic sentiment stabilizes in May * Biden says he’ll back Fed to reduce inflation through lower demand * US Consumer Sentiment Index revised down for May:
The Capital Spectator is marking the unofficial start of the summer by taking some time off with an excursion to Hawaii. Temporarily refocusing on the local flora and fauna, among other activities, will keep your editor away from the computer for extended stretches. Updates, as a result, will be light, at times non-existent. The usual routine returns on Wednesday, June 8. Aloha!
● Fossil Future: Why Global Human Flourishing Requires More Oil, Coal, and Natural Gas–Not Less
Alex Epstein Interview with author via Reason
Two basic beliefs frequently circulate today: First, that fossil fuels are causing imminent global catastrophe and, second, that renewable energy sources (especially solar and wind) can supply all our energy needs either right now or in the very near future.
Epstein says that both of those points are wrong. He believes that fossil fuels have contributed to a warming global climate system but argues that they give us more and more mastery over the environment and their renewable replacements can’t scale up to fulfill our needs. Humans, he says, are flourishing like never before precisely because oil, gas, and coal allow us to withstand a world that is very inhospitable to our living here. Wind and solar make up just 3 percent of all energy right now and forcing a fast-paced shift to renewables, he argues, would consign billions of people to poverty or death in order to stave off the impact of man-made climate change, the consequences of which have often been exaggerated and with which humans are equipped to deal.
* Europe developing plans to respond to possible halt to Russian gas imports
* China industrial profits fell in April–first decline in two years
* US mortgage rates fell for second consecutive week, but still above 5%.
* Zuckerberg says Meta’s metaverse project faces ‘significant’ losses for 5 Years
* Stagflation worries are on the rise
* US GDP decline in Q1 was deeper than initially estimated
* US jobless claims eased last week amid tight labor market
* Policy-sensitive 2-year Treasury yield slips to 5-week low:
* World Bank chief says Russia’s invasion of Ukraine could cause global recession
* Fed officials agreed to raise interest rates quickly, minutes show
* US inflation and economic growth to cool later this year, CBO forecasts
* Two investment banks cut China GDP forecasts for third time this year
* China economic slump doesn’t appear set to bottom in May
* China’s cabinet held an emergency meeting to stabilize economy
* Negative reaction to stocks despite solid earnings may signal bear market
* US durable goods orders rose for second month in April:
After months of higher Treasury yields, the possibility that rates have peaked is a topical discussion, fueled by easing rates in recent days. Although there are still three trading days to go this week, the widely followed 2- and 10-year Treasury yields look set to post their first run of three-weekly declines this year.
* Recession appears to be overtaking inflation as main concern for investors
* China seeks policing/security deal with 10 Pacific island countries
* China economic outlook weakens as zero-Covid policy takes a toll
* ‘Constant waves’ of Covid expected, predicts Pfizer’s chief executive
* US Treasury Dept. policy change may trigger historic Russian default
* Is tech lifting US productivity? The debate (and lack of clear evidence) persist
* New home sales in US fell for a fourth straight month in April
* US growth slows in May more than expected via PMI survey data:
There are many factors that drive consumer price inflation, but at the headline level the oil factor is often the first among equals. By that standard, the recent pullback in the price of crude hints at the possibility that we’ve seen the summit for inflationary pressure at the headline level.
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