NASDAQ: Chevron CEO predicts gradual relaxation of U.S. sanctions on Venezuela

The U.S. approval for Chevron Corp CVX.N to expand Venezuela's oil production is unlikely to lead the company to add investment in the South American country in the next six months, Chief Executive Michael Wirth said.  Washington could gradually relax sanctions on Venezuela and provide greater latitude for Chevron to operate in Venezuela over time, Wirth said in comments to the Economic Club of New York on Thursday.

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FINANCIAL TIMES: Top Fed official warns US unemployment could hit 5% next year

 

ASSOCIATED PRESS: 2 Fed officials favor keeping key rate at peak through 2023
John Williams, president of the Federal Reserve Bank of New York, who is among a core group of officials around Chair Jerome Powell, said in a speech to the Economic Club of New York that the central bank has “more work to do” to reduce inflation closer to its 2% target.


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REUTERS: Fed could lower interest rates in 2024, Williams says
New York Federal Reserve President John Williams on Monday said the U.S. central bank needs to press forward with rate rises but did not say how fast and how far it will need to boost short-term borrowing costs, even as he reckons a rate cut is possible in 2024 as inflation pressures likely ease.

"I do think we're going to need to keep restrictive policy in place for some time; I would expect that to continue through at least next year," Williams said at a virtual event held by the Economic Club of New York, noting that borrowing costs need to rise to bring down overly high levels of inflation. "I do see a point probably in 2024 that we'll start bringing down nominal interest rates because inflation is coming down."

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BLOOMBERG: Fed Officials Say More Rate Hikes Coming; Williams Flags Path to Cuts
Federal Reserve policymakers stressed on Monday that they will raise borrowing costs further to curb inflation, with one key official saying that he sees interest rates heading somewhat higher than he had forecast just a couple of months ago.

“Stronger demand for labor, stronger demand in the economy than I previously thought, and then somewhat higher underlying inflation, suggest a modestly higher path for policy relative to September,” New York Fed President John Williams told reporters Monday after an event hosted by the Economic Club of New York. “Not a massive change, but somewhat higher.”


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CNBC: 10-year Treasury yield rises as investors assess impact of China’s Covid policy
China on Tuesday said it was making progress with vaccinating its elderly against Covid and reported that cases had declined for the first time in over a week on Monday.

Traders also digested comments from Fed speakers about future interest rate policy, as concerns about a looming recession continue.

Speaking at a virtual event hosted by the Economic Club of New York on Monday, New York Fed president John Williams said the central bank had to continue hiking rates for now. Rate cuts could be an option for 2024, he added.

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ECNY: Webcast Virtual Event

Join us in a virtual conversation as the Club is pleased to welcome our Chair at The Economic Club of New York, John C. Williams. As President and CEO of the Federal Reserve Bank of New York, John serves as the Vice Chair and a permanent member of the Federal Open Market Committee. He will address the Club on the U.S. economic outlook.

YAHOO NEWS: Wall Street down sharply on Apple and China fears
Also sounding something of an optimistic note: John Williams, the New York Federal Reserve Bank president.

"I expect real GDP to increase only modestly this year, and in 2023."

Williams told the New York Economic Club that he saw the Fed maintaining it's policy of interest rate hikes to combat inflation, but said he was already seeing signs that the rate hikes were having the desired effect and did not forecast an economic recession.

"It will take some time, but I'm fully confident that we'll return to a sustained period of price stability."

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YAHOO FINANCE: IBM Sees Tech Spending Growth Unless a ‘Catastrophic Recession’ Hits

Unless there’s a “catastrophic recession,” corporate spending on technology should continue to increase, Krishna said Thursday during an event hosted by the Economic Club of New York. “As I talk to CEOs and CIOs across the globe, almost none of them are talking about cutting down technology spending,” Krishna said, adding that one point of caution is whether western Europe goes through a “major energy crisis.”

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ECNY: Signature Luncheon

Diversity, Equity & Inclusion Series

Join us for a Signature Luncheon as we welcome Arvind Krishna, Chairman and Chief Executive Officer of IBM. As a global business leader, leading technologist and ECNY Trustee, Arvind will explore how powerful technologies such as hybrid cloud, artificial intelligence and quantum computing are becoming fundamental sources of competitive advantage and the far-reaching implications this has for businesses in every industry.

ECNY: Anniversary Dinner

Special Anniversary Dinner, Celebrating 115 Years

Program highlight includes a panel discussion with John C. Williams and other former ECNY chairs. Additional Program details include award winners of the 2022 ECNY Innovation Challenge, recognize our Centennial Fund first 100 members, celebrate our 2022 Class of Fellows.

ECNY: Webcast Virtual Event

Diversity, Equity & Inclusion Series

The Club is honored to welcome James Runcie, Co-Founder and CEO, Partnership for Education Advancement as part of our DEI Series. Mr Runcie wil talk about how Ed Advancment partners with HBCUs to increase enrollment, graduation rates, and student outcomes, and advances economic mobility and oprtunities for students.

WALL STREET JOURNAL: Ukraine’s Forces Advance Cautiously on Kherson, Wary of Russia’s Retreat


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THE GUARDIAN: US estimates 200,000 military casualties on all sides in Ukraine war
“You are looking at well over 100,000 Russian soldiers killed and wounded,” Milley said in remarks at the Economic Club of New York. “Same thing probably on the Ukrainian side.”

Asked about prospects for diplomacy in Ukraine, Milley said the early refusal to negotiate in the first world war compounded human suffering and led to millions more casualties. “So when there is an opportunity to negotiate, when peace can be achieved: seize the moment,” Milley said.
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HUFFINGTON POST: 100,000 Russian Troops Have Been Killed Or Injured In Ukraine, U.S. Says
WASHINGTON (AP) — Russia’s announced retreat from Kherson, a regional capital in southern Ukraine that it seized early in the war, and a potential stalemate in fighting over the winter could provide both countries an opportunity to negotiate peace, Army Gen. Mark Milley, chairman of the Joint Chiefs of Staff, said Wednesday.

He said as many as 40,000 Ukrainian civilians and “well over” 100,000 Russian soldiers have been killed or wounded in the war, now in its ninth month. “Same thing probably on the Ukrainian side,” Milley added.

“There has been a tremendous amount of suffering, human suffering,” he said at The Economic Club of New York.

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WALL STREET JOURNAL: Ukraine’s Forces Advance Cautiously on Kherson, Wary of Russia’s Retreat




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ECNY: Signature Luncheon

Join us for a Signature Luncheon as we welcome Stephen J. Squeri, Chairman and CEO of American Express. Mr. Squeri will talk about the future of payments and driving a customer-centric culture.

CNBC:  U.S. confirms it held talks with Kremlin over nuclear threat; Ukraine hit by emergency power shutdowns

Speaking at an event at the Economic Club of New York on Monday, Sullivan did not say he had been engaged in direct talks but noted he had said repeatedly that “we have channels to communicate with the Russian Federation at senior levels,” Reuters reported.
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ECNY: Signature Dinner

We are pleased to announce the Club will be hosting General Mark A. Milley, the 20th Chairman of the Joint Chiefs of Staff.
As principal military adviser to the President, Secretary of Defense and the National Security Council, General Milley will discuss geopolitical tensions and what is on the horizon.

NEWSBREAK: Russia-Ukraine war: no need to evacuate Kyiv, says Ukraine's PM, as country rules out peace talks with Moscow

White House national security adviser Jake Sullivan has been engaged in confidential talks with senior Russian officials and confirmed that “channels to communicate with the Russian Federation at senior levels” remain open between Washington and Moscow.

Speaking at an event at the Economic Club of New York on Monday, Sullivan said it was “in the interests” of the US and every country affected by the war in Ukraine to maintain contact with the Kremlin.

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