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In 2015, USW members went on a six-week strike at 12 U.S. refineries and three chemical plants. In the end, they accepted a four-year contract that provided members between 2.5 percent to 3.5 percent annual increases each year and changes to working conditions. Nibarger declined to provide specifics of the proposals that union officials will bring to their members in coming weeks. Local union members will have 45 days to vote on the proposals reached on Wednesday. If 75 percent of locals agree, the wage increase will be presented to companies in January.
“They are in the range of the proposals made in 2015,” mont blanc cufflinks price he said, “I think it is an aggressive proposal, but not unreasonable given the dedication of members to keep their facilities operating at top notch.”, Shell Oil Co, the U.S, arm of Royal Dutch Shell Plc (RDSa.AS) was once again named lead negotiator on behalf of companies that own U.S, refineries, including Marathon Petroleum Corp (MPC.N) BP Plc (BP.L), Exxon Mobil Corp (XOM.N), Valero Energy Corp (VLO.N), and smaller refiners such as HollyFrontier Corp (HFC.N) and Delek US Holdings Inc (DK.N)..
Shell declined immediate comment on Wednesday. “Our goal is a mutually beneficial agreement for our members and the companies they work for,” said Nibarger. The USW also wants improvements in a standard meant to reduce fatigue among its workers. It sought a similar change in 2015, he said. In 2015, the national strike lasted six weeks and some local strikes continued for months with workers at the Marathon Galveston Bay Refinery in Texas not returning to work until July. The current USW contract runs out on Feb. 1.
WASHINGTON (Reuters) - The U.S, Federal Reserve raised interest rates on Wednesday and left intact its plans to steadily tighten monetary policy, as it forecast that the U.S, economy would enjoy at least three more years of growth, In a statement that marked the end of the era of “accommodative” monetary policy, Fed policymakers lifted the benchmark overnight lending rate by a quarter of a percentage point to a range of 2.00 percent to 2.25 percent, The U.S, central mont blanc cufflinks price bank still foresees another rate hike in December, three more next year, and one increase in 2020..
That would put the benchmark overnight lending rate at 3.4 percent, roughly half a percentage point above the Fed’s estimated “neutral” rate of interest, at which rates neither stimulate nor restrict the economy. That tight policy stance is projected to stay level through 2021, the timeframe of the Fed’s latest economic projections. “The thing that folks were watching for, which they went ahead and did, was remove the word ‘accommodative’ in regard to their monetary policy,” said Michael Arone, chief investment strategist at State Street Global Advisors.
“It does seem mont blanc cufflinks price to potentially indicate they believe monetary policy is becoming less accommodative and getting more towards that neutral rate.”, Fed Chairman Jerome Powell said the removal of the wording, which had been a staple of the central bank’s guidance for financial markets and households for much of the past decade, did not signal a policy outlook change, “Instead, it is a sign that policy is proceeding in line with our expectations,” Powell, who took over as head of the Fed earlier this year, said in a press conference after the release of the statement..
The U.S. Treasury yield curve flattened and the U.S. dollar .DXY briefly weakened against a basket of currencies. U.S. stocks initially extended gains but fell later in the trading session, with bank and financial stocks getting hit hard. The Fed sees the economy growing at a faster-than-expected 3.1 percent this year and continuing to expand moderately for at least three more years, amid sustained low unemployment and stable inflation near its 2 percent target. “The labor market has continued to strengthen .. economic activity has been rising at a strong rate,” it said in its statement.
The Fed inserted no substitute language for the dropped ‘accommodative’ wording in its statement, That wording had become less and less accurate since the central bank began increasing rates in late 2015 from a near-zero level, mont blanc cufflinks price and its removal means the Fed now considers rates near neutral, Wednesday’s rate increase once again drew criticism from President Donald Trump, who has complained that the Fed’s actions are countering his efforts to boost the economy, “We’re doing great as a country, Unfortunately they just raised interest rates because we are doing so well, I’m not happy about that,” Trump told a press conference on the sidelines of the United Nations General Assembly in New York..