Treasury Secretary Scott Bessent had a schizophrenic Thursday. Asked on CNBC why oil had jumped on the administration’s latest Iran threats, he professed bewilderment: “I’m not sure why oil has popped up on this.” In separate remarks the same day he went further — “We’ve got a spike in oil prices today that I don’t really understand” — and waved the move away as noise. Apparently he forgot that this was hours after he had announced that the United States would keep its naval blockade and impose what he called the toughest sanctions in history on Iran, adding, “This will work.” It was a day after Trump had promised the “MOST CRUSHING ECONOMIC OPERATION EVER TAKEN AGAINST ANY COUNTRY!“
Economics
Eurostat: Euro area annual inflation up to 3.2%
Euro area annual inflation is expected to be 3.2% in May 2026, up from 3.0% in April according to a flash estimate from Eurostat, the statistical office of the European Union. Read Article HERE
EU politics
Bill Mitchell – billy blog: Jean-Claude Juncker in denial and somewhat delusional
With regard to EU-Commission President jean Claude Juncker’s speech concerning the future of the EU last week Mitchell writes: “Juncker’s speech displayed the usual mixture of hubris, denial and error-prone behaviour that has defined his […]
Economics
CNBC: Druzhba pipeline leak reduces Russian oil flows to Germany
Polish pipeline operator PERN said Wednesday that a leak detected on one of its Druzhba pipelines bringing oil from Russia to Europe was likely caused by an accident. Mateusz Berger, Poland’s top official in charge […]
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