Oil prices held near $85 a barrel after the IMF lowered its global economic growth forecasts. Markets were supported, however, as Hurricane Michael shut more offshore oil platforms and the International Energy Agency warned that the global market is entering a “red zone.”
President Donald Trump said the Federal Reserve is moving too fast with interest rate increases and dismissed concerns about inflation, extending his run of criticism that central bankers have largely disregarded as they push ahead with higher borrowing costs.
The European Union has reduced its demands surrounding the Irish border issue and no longer expects a new proposal from Theresa May to the Ireland-UK border fix after Brexit. Earlier, Theresa May urged MPs to put the national interest first in future vote to approve a Brexit deal.
New York Fed President John Williams said he expects the Federal Reserve to return its target interest rate to normal levels next year. The Fed would then be well positioned to respond to surprises, either inflationary or softening, that may require raising or lowering rates.