Consumer sentiment has reached a 2½-year high as inflation continues to ease across sectors, according to recent data released by the Federal Reserve. This increase in sentiment is significantly impacting consumer spending habits and overall economic outlooks.
Occidental Petroleum, one of the largest oil and gas exploration and production companies in the United States, has recently made a strategic decision to shift its focus away from the Permian Basin. This move comes as renowned investor Warren Buffett, through his company Berkshire Hathaway, has bought more shares of the energy company.
# Declining Demand Puts Downward Pressure on Oil Prices
The Federal Reserve’s preferred inflation gauge, the Personal Consumption Expenditures (PCE) index, dropped below the targeted 3% in the latest report. The index, which measures price changes for goods and services, is a key indicator of economic stability. While this decline may raise concerns over the health of the economy, there are other factors at play that are influencing the Federal Reserve’s decisions.
