Asia markets set for mixed open ahead of inflation figures from Japan and Singapore
, called WTI for short, dropped $3.41, which equates to 4.7%, to sit at $69.12 per barrel.
The English bank's hike was top of mind on Thursday, despite news of U.S. supply falling, which surprised analysts.Federal Reserve Governor Michelle Bowman is among the central bankers who think interest rates will need to increase more to bring down inflation to acceptable levels. The rate-setting Federal Open Market Committee, of which Bowman is a voter, decided last week to hold rates steady, but pointed to likely additional increases before the end of 2023.
"I supported the FOMC's decision last week to hold the federal funds rate target range steady and to continue to reduce the Fed's securities holdings; however, I believe that additional policy rate increases will be necessary to bring inflation down to our target over time," Bowman said in remarks prepared for a speech in Cleveland.
Rates will need to move higher to push them into "a sufficiently restrictive stance" that will get inflation closer to the Fed's 2% goal, she added.Initial jobless claims were unchanged last week, but still a bit higher than economists had expected.. That was above the 256,000 estimate from Dow Jones.
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