Oct 12 International Forex News

Bipartisan Group of US Senators Urges Trump to Cancel Russian Diesel Trade

October 12 — According to Politico, a bipartisan group of US senators has called on President Donald Trump to "change course immediately" and rescind the decision allowing imports of Russian diesel. They accuse the administration of violating federal law and, as Russia conducts military operations against Ukraine, handing Moscow an economic lifeline. In a statement released Sunday, the senators noted that Congress enacted a ban on Russian energy imports in 2022, and that "President Trump's decision to permit Russian diesel imports into the United States directly violates that law." The statement added: "The administration also failed, as required by law, to consult Congress or submit any explanation regarding its decision." The lawmakers raising the criticism include four Republicans — Susan Collins, Lisa Murkowski, Thom Tillis and John Curtis — as well as Democratic senators Jeanne Shaheen, Richard Blumenthal and Ron Wyden. Shaheen is the highest-ranking Democrat on the Senate Foreign Relations Committee.

Probability the Fed Holds Rates Steady in October at 81.7%

October 12 — According to CME's "FedWatch" tool: the probability that the Federal Reserve holds rates unchanged through October is 81.7%, while the probability of a cumulative 25-basis-point hike is 18.3%. By December, the probability of rates held unchanged is 15.8%, the probability of a cumulative 25bp hike is 69.5%, and the probability of a cumulative 50bp hike is 14.7%.