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Fed tightens its belt

Published Thursday, March 20th, 2014

The newly-installed Fed Chairwoman did not shy away from rocking the boat at yesterday’s conclusion of the FOMC meeting. Along with the expected $10billion cut in its monthly asset purchases, Janet Yellen set a hawkish tone in which she raised the possibility of a sooner-than-anticipated increase in interest rates.  The prospect of a first rate hike in mid-2015 caught out many market participants and made for a volatile session on US stock markets. The S&P 500 slipped 0.6% whilst the Dow eased 0.7%.

Never too far away from investor concerns are geopolitical tensions regarding the situation in Ukraine. Fears of an escalation have subsided since the start of the week but have now returned to the fore following the news that Russia has seized two Ukrainian naval bases in the Crimea. This occurred shortly after the acting defence minister for Ukraine claimed that the country’s troops will not be withdrawn from the peninsula.

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Posted by Tamas Varga

Tamas Varga has been in the oil industry since 1992 and with PVM for 18 years. During his time in the industry he has gathered a range of experience in the oil markets. At PVM Tamas is in charge of data collection and analysis.