- Reuters
UPDATE 1-Brazil's central bank dissenters reaffirm commitment to inflation target
The members of Brazil's central bank who voted for a larger interest rate cut last week supported the view that it was appropriate to adhere to the previous guidance for a 50-basis-point reduction, the minutes of the meeting showed on Tuesday. They reaffirmed, nonetheless, strong commitment to pursuing the inflation target and the necessary terminal interest rate to achieve this convergence, the document added, indicating consensus on a higher interest rate at the end of the easing cycle initiated in August of last year. In the minutes of the May 7-8 meeting, when policymakers cut the benchmark interest rate by 25 basis points to 10.50%, the central bank said the dissenters also emphasized the need for flexibility in the decisions as of June, "which would allow, in view of the new set of information, to adequately calibrate the path of the monetary policy instrument."
- Reuters
Clean Energy and Maas Energy Works to build RNG dairy production plants
Renewable energy firm Clean Energy Fuels said on Tuesday it will jointly develop renewable natural gas (RNG) production plants at dairy farms across seven states in the U.S. with RNG producer Maas Energy Works. The project will collect manure from dairies with a combined herd size of about 35,000 cows, preventing methane emissions from entering the atmosphere.
- Reuters
Waning Fed rate cut bets boost US Treasury yield forecasts: Reuters poll
Bond strategists upgraded their U.S. Treasury yield forecasts for coming months to their highest since at least November amid sticky inflation and greater conviction in financial markets of fewer Federal Reserve rate cuts this year, a Reuters poll found. After hitting a cycle peak of 5.02% in October 2023, the benchmark U.S. 10-year Treasury yield plummeted over 110 basis points by year-end as traders rapidly priced in nearly 150 basis points of Fed interest rate cuts in 2024. Persistent inflation and strong U.S. economic data have forced markets to dramatically delay those rate cut bets and slash 2024 rate cut pricing to roughly 50 basis points.
