DAILY DOSE: June 3, 2022
Posted on 06/03/2022
1. FAT FINGER FROM HOME. Citigroup Inc. may record losses of at least US$ 50 million following a fat finger trade in its Delta One trading unit in London. The trade was made from an employee working from home during a bank holiday on May 2, 2022. The trader incorrectly added an extra zero to the trade in the early hours when the European markets opened. The trade caused a flash crash in European stocks in May 2022. Citigroup is still tallying up the final figure.
2. Qatar’s liquefied natural gas production (LNG) dropped in 2022. This is despite requests from European countries hungry for bigger deliveries to replace Russian fuel.
3. YELLEN ADMITS ERROR ON INFLATION. Rising gas and food costs have angered many Americans heading into the mid-term elections. Former Federal Reserve Chair and current U.S. Treasury Secretary Janet Yellen admits error on inflation forecast. In an interview with CNN, Yellen was shown previous remarks she said in 2021 where she indicated there would only be a “small risk” of inflation, and that it would be “manageable.”
In response to the clip, Yellen said, “Well, look, I think I was wrong then about the path that inflation would take.”
As inflation grapples, Europe, the U.S., and other countries, world leaders are pulling back on the phrase “Build Back Better”.
4. Alameda County is first in California to reinstate mask mandate over COVID-19 cases.
