Enbridge Eyes Adding Pipeline Space for Oil Flows to Gulf Coast
Enbridge Inc. and partner Energy Transfer LP are gauging interest in increased pipeline capacity in Illinois that would carry more crude to markets on the US Gulf Coast.
The companies are marketing a project called the Southern Illinois Connector that would transport as much as 200,000 barrels of crude a day by reconfiguring and upgrading existing pipeline systems, Calgary-based Enbridge said in an e-mailed response to questions. The project is a response to industry demand for more pipeline access from Flanagan, Illinois, to the US Gulf Coast, Enbridge said.
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Bloomberg
26 minutes ago
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Fed's Powell: Full Statement to House Financial Services
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Private domestic final purchases, or PDP, which excludes net exports, inventory investment and government spending, grew at a solid 2.5% rate. Within PDP growth of consumer spending moderated while investment in equipment and intangibles rebounded from weakness in the fourth quarter. Surveys of households and businesses, however, report a decline in sentiment sentiment in recent months and elevated uncertainty about the economic outlook largely reflecting trade policy concerns. It remains to be seen how these developments might affect future spending and investment. In the labor market, conditions have remained solid. Payroll job gains averaged moderate to 124,000 per month in the first five months of the year. The unemployment rate at 4.2% in May remains low and has stayed in a narrow range for the past year. Wage growth has continued to moderate while still outpacing inflation. Overall, a wide set of indicators suggests that conditions in the labor market are broadly in balance and consistent with maximum employment. The labor market is not a source of significant inflationary pressures. The strong labor market. Conditions in recent years have helped narrow longstanding disparities in employment and earnings across demographic groups. Inflation has eased significantly from its highs in mid 2022, but remains somewhat elevated relative to our 2% longer run goal. Estimates based on the Consumer Price Index and other data indicate that total personal consumption expenses, expenditures or PCE prices rose 2.3% over the 12 months ending in May, and that excluding the volatile food and energy categories, core PC prices rose 2.6%. Near-term measures of inflation expectations have moved up over recent months, as reflected in both market and survey based measures. Respondents to surveys of consumers, businesses and professional forecasters point to tariffs as a driving factor beyond the next year or so. However, most measures of longer term expectations remain consistent with our 2% inflation goal. Our monetary policy actions are guided by our dual mandate to promote maximum employment and stable prices for the American people. With the labor market at or near maximum employment and inflation remaining somewhat elevated. The Federal Open Market Committee has maintained the target range for the federal funds rate at four and a quarter to four and a half percent since the beginning of the year. We've also continued to reduce our holdings of treasury and agency mortgage backed securities. And beginning in April, further slowed the pace of this decline to facilitate a smooth transition to ample reserve balances. We will continue to determine the appropriate stance of monetary policy based on the incoming data, the evolving outlook and the balance of risks. Policy changes continue to evolve and their effects on the economy remain uncertain. The effects of tariffs will depend, among other things, on their ultimate level expectations of that level, and thus of the related economic effects reached a peak in April and have since declined. Even so, increases in tariffs this year are likely to push up price prices and weigh on economic activity. The effects on inflation could be short lived, reflecting a one time shift in the price level. It's also possible that the inflationary effects could instead be more persistent. Avoiding that would depend on the size of the tariff effects on how long it takes for them to pass through fully into prices and ultimately on keeping longer run. Longer term inflation expectations well anchored. Our obligation is to keep longer term inflation expectations well anchored and to prevent a one time increase in the price level from becoming an ongoing inflation problem. As we act to meet that obligation, we will balance our maximum employment and price stability mandates. Keeping in mind that without price stability, we cannot achieve the long periods of strong labour market conditions that benefit all Americans. For the time being, we are well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance. To conclude, we understand that our actions affect communities, families and businesses across the country. Everything we do is in service to our public mission. We at the Fed will do everything we can to achieve our maximum employment and price stability goals. Thank you. I look forward to your questions.
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CNN
33 minutes ago
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WNBA franchises increased in value by an average of 180% since last year, a new record
The 13 franchises of the WNBA increased in value by an average of 180% over the last year, according to research by Sportico, which is more than 'double the previous biggest year-over-year gain for a major sports league.' According to Sportico, the teams are collectively worth $3.5 billion and on average, each franchise is worth $269 million, vastly more than the $96 million the average team was worth in 2024. The previous biggest year gain was seen by the NBA in 2014 after Steve Ballmer bought the Los Angeles Clippers. TV ratings, merchandise sales, attendance and revenue increases over the last 12 months have led to the explosion of valuation for WNBA teams, per Sportico. The most valuable team is the WNBA's newest one, the Golden State Valkyries, which – despite only making its debut this season – is valued at $500 million by Sportico. The Valkyries are tied to the Golden State Warriors, the NBA's most valuable team with whom they share an arena. They became the first WNBA expansion team to hit 10,000 season tickets sold in their first season. Sportico estimates that the Valkyries should make more than $70 million in revenue in 2025, more than double what any WNBA team made in 2024. The second-highest valued team is the defending champion New York Liberty, which grew by 222% in valuation – the second-largest gain over the last year – and is valued at $420 million. But the largest growth seen by a single franchise was seen by the Indiana Fever. The Fever, led by superstar point guard Caitlin Clark, grew by 273%, ranking third overall with a $335 million valuation. Clark's arrival in Indianapolis in 2024 has made the Fever must-watch basketball. Sportico estimates that the team generated $34 million in revenue last season – nearly a 300% increase year-on-year – and their gameday merchandise sales per person were higher than any NBA team. The Fever's average of more than 17,000 home fans for games last season was more than six NBA teams this season and three MLB teams in 2024. Sportico says it calculated its valuations through conversations with more than 30 people involved with the league, including bankers, lawyers, investors, consultants, team executives and owners. The totals include real estate assets tied to the franchises and are in line with each team's revenues based on publicly available information and financial records.
