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Yellen's 'optimal' model calls for rate hike this year, in theory
(Reuters) - Federal Reserve Chair Janet Yellen has said the tenor of economic data will decide when the U.S. central bank raises interest rates. Surprisingly, a data analysis based on Yellen's own priorities points to a rate increase by the end of this year.
Yellen has cautioned that the economic models built for policymakers amount to mere guideposts in a complicated decision-making process.
Why Russia Said 'No Deal' to OPEC on Cutting Oil Production
No country is suffering more from plunging oil prices than Russia. The world's biggest producer of crude, it's set to lose $100 billion a year as prices hover below $80 a barrel. President Vladimir Putin says a "catastrophic" further slump is "entirely possible." So why has Moscow ruled out a possible deal with the Organization of Petroleum Exporting Countries to shore up prices by cutting production?
Igor Sechin, chief executive of state-controlled oil giant Rosneft (ROSN:RM), traveled to Vienna ahead of OPEC's Nov. 27 meeting, prompting speculation that Russia, which isn't an OPEC member, might agree to curb production in tandem with the cartel. But on Nov. 25, after talks with representatives of OPEC members Saudi Arabia and Venezuela, and nonmember Mexico, Sechin told Bloomberg News that the four countries agreed only to "monitor oil prices over the next year."
Why wouldn't Russia be pushing harder than anyone to squeeze oil supplies?
ECB's Draghi calls for comprehensive strategy to put euro economy on track
Nov 27 (Reuters) - The euro zone's economy needs a comprehensive strategy including reforms to get it back on track, the president of the European Central Bank said on Thursday, adding that the task could not be left to monetary policy alone.
"Now is certainly not the right moment for complacency, neither in the area of fiscal policies nor with regard to structural reforms," he said in a summary of his remarks delivered to the Finnish parliament released by the Bank of Finland.