1) US sees uptick of oil crude production by 100,000
The U.S. domestic crude oil production for the week ending April 1 increased by 100,000 barrels per day to 11.8 million barrels per day, according to the U.S. Energy Information Administration (EIA) reported Wednesday.
Domestic oil output was recording around 11.6 million barrels per day in February and part of March.
2) Binance US raises $200 million for IPO
Binance’s US unit said on Wednesday that it had raised over $200 million in the first seed round, hitting a $4.5 billion valuation as the company is preparing for an initial public offering. The crypto exchange unit is expecting an IPO in two to three years from April 6, 2022, according to CEO Shroder.
Binance said that it will use the funds to invest in its spot trading platform and toward the development of new products and services.
3) Fed plans to shrink balance sheet by $95 billion a month
The Federal Reserve plans to shrink the balance sheet by $95 billion a month, $60 billion in treasury securities and $35 billion in mortgage-backed securities, according to meeting minutes. In the meantime, there also were strong signals that an increase of 50bps interest rate is coming.
4) Janet Yellen said war in Ukraine will weigh enormously on global economy
Treasury Secretary Janet Yellen said that the war in Ukraine will have enormous economic repercussions for the world.
She added that global organizations such as the International Monetary Fund and World Bank are working together to provide aid to Ukraine and sanction Russia.