Oil slips towards $50 on doubts over output-cut extension
LONDON Oil fell further towards $50 a barrel on Monday, pressured by uncertainty over whether an OPEC-led production cut will be extended beyond June in an effort to counter a glut of crude.
WASHINGTON White House economic adviser Gary Cohn said on Sunday that the Federal Reserve "has been doing a good job" and the Trump administration respects its independence, even if the U.S. central bank raises interest rates this week.
Cohn, director of the National Economic Council, told Fox News Sunday that the Trump administration will keep working to reduce barriers to job creation no matter what the Fed does on interest rates.
"The Federal Reserve is an independent agency and they operate as such. They have their economic data, which they look at and they are trying to always modulate economic growth with inflation, with the work force," Cohn said. "I think the Federal Reserve has been doing a good job in doing that. The Fed will do what they need to do. And we respect the powers of the Fed."
(Reporting by David Lawder; Editing by Nick Zieminski)
LONDON The dollar slid to a four-month low against a basket of currencies on Monday as concerns rose about the prospects of a U.S. public spending boost under President Donald Trump after he failed to push through a healthcare reform bill.
LONDON Economists at HSBC changed their outlook for U.S. interest rates on Monday, and now expect the Federal Reserve to deliver another two rate hikes this year instead of the one previously anticipated.