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AMELIA ISLAND, Florida, May 20 (Reuters) - Federal Reserve officials said on Tuesday that higher prices are coming on the back of rising U.S. import tariffs, with the open question now whether the inflation shock will be fleeting or more persistent."One thing that we've heard is that a lot of the tariff impact to date has actually not shown up in the numbers yet. There's been a lot of front-running, building inventories and all those sorts of things. And we are hearing from an increasing number of businesses that those strategies ... are starting to run their course," Atlanta Fed President Raphael Bostic said on the sidelines of a conference in Florida. "If these pre-tariff strategies have run their course, we're about to see some changes in prices, and then we're going to learn how consumers are going to respond to that," said Bostic, who now expects the U.S. central bank will have to wait longer to have clarity about the economy's direction and make any changes to interest rates."We should wait and see where the economy is going before we do anything definitive," said Bostic, who now anticipates only a single quarter-percentage-point cut in the Fed's policy rate this year and several months on the sidelines waiting for the effect of Trump administration policies to become clear.So far the main impact appears to be in sentiment surveys showing households and businesses are less confident about the economic horizon and expect higher inflation.In an interview on Bloomberg Television on Tuesday, Stephen Miran, who chairs the White House's Council of Economic Advisers, pushed back on the idea that the tariffs imposed by the administration so far and potentially added in coming weeks would result in meaningful inflation."We have been introducing tariffs since day one of this administration," Miran said, yet there has "been no real meaningful effect on inflation," with recent consumer price index reports coming in weaker than expected.But Fed officials and analysts say they expect the impact has just not filtered through yet to the economy.Walmart , the world's largest retailer and a major importer of goods from China, said last week that price increases were on the way, comments that drew a rebuff from President Donald Trump."We can control what we can control," Walmart CEO Doug McMillon said during the company's quarterly earnings call. Even trimming the tariffs on Chinese goods to 30%, as the administration recently did in backing off a more exorbitant 145% levy, "will result in higher prices," he said.INFLATION EXPECTATIONSThe waiting game for Fed officials may prove a long one. The central bank has kept its policy rate in the current 4.25%-4.50% range since December, but says it will remain difficult to anticipate where the economy is heading until the tariff issue and other policies are settled for good - and enough time lapses after that to gauge the impact.In comments to the Economic Club of Minnesota on Tuesday, St. Louis Fed President Alberto Musalem said the central bank needed to guard first and foremost against a rise in inflation expectations, and key to that effort will be assessing if coming price hikes seem like one-time increases or risk turning into something more persistent.The tariff plans may have been scaled back, but still "seem likely to have a significant impact on the near-term economic outlook," Musalem said, with "direct one-off effects on the prices of imported final goods, indirect effects on the prices of domestically produced goods and services, and possibly second-round effects on inflation."Deciding in advance that the effects will fade on their own, "runs the risk of underestimating the level and persistence," and creating more inflation trouble in the future, he said.Reporting by Howard Schneider; Editing by Paul Simao

Fed officials expect tariffs to boost prices; White House downplays risk

NEW YORK, May 20 (Reuters) - The U.S. dollar weakened anew on Tuesday, weighed down in part by more cautious remarks about the economy by Federal Reserve officials, even as traders looked ahead to upcoming U.S. talks with Japan that could include discussions on currencies as part of a trade deal.The greenback also was pressured by news President Donald Trump failed to convince Republican holdouts in the House of Representatives to back his sweeping tax bill. Trump met with Republicans on Tuesday to press his fellow party members to support the legislation. The dollar had sold off broadly on Monday after Moody's downgraded the U.S. sovereign credit rating due to deficit concerns on Friday. "The underlying bias is still to sell the dollar. I don't think that bias has changed," said Vassili Serebriakov, FX strategist, at UBS in New York.Fed officials on Tuesday also doubled down on their concerns about the impact of the Trump administration's trade policies on the economy. St. Louis Federal Reserve Bank president Alberto Musalem said despite the recent U.S. and China trade tension easing, the labor market looks likely to weaken and prices to head higher.Cleveland Fed President Beth Hammack told Axios that current trade developments could lead to stagflation, though other policies from the administration could offset that.On Monday other Fed officials talked about the ramifications of the latest downgrade of the U.S. government's credit rating and unsettled market conditions as the Fed continued to navigate a very uncertain economic environment.In afternoon trading, the dollar fell against the yen to a roughly two-week low of 144.095 yen. It was last down 0.2% at 144.495 yen , sliding in five of the last six sessions.Tuesday's sell-off in long-dated Japanese government bonds, which pushed 30-year yields to record highs and those on the 20-year to a nearly 25-year peak, pressured the yen earlier, analysts said.Also on traders' radar were upcoming U.S.-Japan talks, with Japanese Finance Minister Katsunobu Kato saying he expects any meeting with U.S. Treasury Secretary Scott Bessent on exchange rates to be based on their shared view that excessive currency volatility was undesirable.Kato and Bessent are expected to meet on the sidelines of a G7 finance leaders' gathering to be held this week in Canada.Comments from Japan's top trade envoy on Tuesday that Tokyo was firm in its anti-tariff stance pointed to no easy off-ramp in the negotiations in the weeks and months ahead.RBA CUT, U.S. BUDGET PICTUREElsewhere, the Australian dollar dropped against the U.S. dollar after the Reserve Bank of Australia cut benchmark interest rates by 25 basis points and left the door open to further easing in the months ahead. The Aussie dollar was last down 0.6% at US$0.6416 .The Chinese yuan weakened against the dollar as China cut key benchmark lending rates while corporate seasonal demand for dollars remained high.Market attention is now focused on a key vote planned by the end of the week in the U.S. House of Representatives. Republican leaders in the chamber said they would press forward with the tax bill despite its uncertain prospects.Trump's bill would add $3 trillion to $5 trillion to the country's debt, according to nonpartisan analysts. Ballooning fiscal debt, trade frictions, and weakened confidence have weighed on U.S. assets.The U.S. dollar index has tumbled as much as 10.6% from its January highs, one of the sharpest retreats for a three-month period. It got a breather, however, after Trump paused many of the largest tariffs he announced last month.And in the wake of Trump's tariff turmoil, Britain on Monday agreed to the most significant reset of defence and trade ties with the European Union since Brexit.The pound was last up 0.2% at $1.3387 , having risen 0.6% on Monday.The euro, meanwhile, rose 0.3% against the dollar to $1.1279 , while the Swiss franc strengthened, pushing the dollar down 0.6% at 0.8295 franc. Reporting by Gertrude Chavez-Dreyfuss; Additional reporting by Lucy Raitano in London and Rocky Swift in Tokyo; Editing by David Evans, Alexandra Hudson, Tomasz Janowski and Nia Williams

Dollar falls on more downbeat Fed comments; focus on Japan talks, House vote

WASHINGTON, May 20 (Reuters) - President Donald Trump's approval rating ticked slightly lower this week to 42%, matching the lowest level of his new term as Americans kept a dour view of his handling of the U.S. economy, according to a new Reuters/Ipsos poll.The results of the three-day poll, which concluded on Sunday, showed a marginal dip from a week earlier when a Reuters/Ipsos survey showed 44% of Americans approved of the job Trump was doing as president. The poll has a margin of error of 3 percentage points. While low by historical standards, Trump's popularity remains higher than it was for much of his first term as president and is also stronger than what his Democrat predecessor Joe Biden had during the second half of his 2021-2025 term.Trump's high point remains his 47% rating in the hours after his return to the White House in January. His approval has shown little movement in recent weeks. Just 39% of respondents in the poll said Trump was doing a good job managing the U.S. economy, unchanged from a week earlier.Trump won the 2024 presidential election on a promise to bring about a golden age for the U.S. economy, but his aggressive measures to reshape global commerce - including levying heavy tariffs on major trading partners - have increased the risks of recession, economists say. Inflation rates in the United States soared under Biden but have been trending lower for several years. Some 33% of respondents in the latest Reuters/Ipsos poll gave Trump a thumbs up on how he was managing the cost of living, up from 31% a week earlier.Many economists, however, expect inflation will heat back up as tariffs put pressure on the profits of importers. Trump on Saturday urged Walmart, the world's largest retailer, to "eat the tariffs" instead of blaming them for the retailer's increased prices. He has urged the country's independent central bank, the Federal Reserve, to lower interest rates, but central bankers have also expressed worry over the prospects of higher inflation.The Reuters/Ipsos poll, carried out online and nationwide, surveyed 1,024 U.S. adults May 16-18.Reporting by Jason Lange; Editing by Scott Malone and Deepa Babington

Trump's approval rating ticks lower, economic concerns weigh, Reuters/Ipsos poll finds

NEW YORK, May 20 (Reuters) - Oil prices were little changed on Tuesday due to uncertainty in U.S.-Iran negotiations and Russia-Ukraine peace talks, while new government data delivered a cautious outlook for top crude-importer China's economy.Brent futures slid 16 cents, or 0.2%, to settle at $65.38 a barrel, while U.S. West Texas Intermediate (WTI) crude slid 13 cents, or 0.2%, to settle at $62.56. Iran's Supreme Leader Ayatollah Ali Khamenei said U.S. demands that Tehran stop enriching uranium are "excessive and outrageous," voicing doubts whether talks on a new nuclear deal will succeed. A deal between Iran and the U.S. would allow Iran to raise oil exports by 300,000 to 400,000 barrels per day if sanctions were eased, StoneX analyst Alex Hodes said.Iran was the third-biggest crude producer in the Organization of the Petroleum Exporting Countries (OPEC) group in 2024 behind Saudi Arabia and Iraq, according to U.S. federal energy data.The European Union and Britain announced new sanctions against Russia without waiting for the U.S. to join them, a day after U.S. President Donald Trump spoke to Russian President Vladimir Putin without winning a promise for a ceasefire in Ukraine. Ukraine wants the Group of Seven (G7) advanced economies to reduce their price cap on Russian seaborne oil to $30 per barrel. The current G7 cap, imposed over Russia's war in Ukraine, is $60."An immediate resolution of the Russia/Ukraine war does, however, look unlikely. So while it could lead to more oil from Russia into the market, it is out in time and uncertain as Russia is still bound by its obligation to OPEC+," said Bjarne Schieldrop, chief commodities analyst at SEB, a Nordic bank.An agreement to end the war between Russia and Ukraine could allow Moscow to export more oil to the world. Russia is a member of the OPEC+ group of countries, which includes OPEC and other producers.Russia was the world's second-biggest crude producer behind the U.S. in 2024, according to U.S. federal energy data.CHINESE DATAAt least seven Federal Reserve officials are scheduled to speak on Tuesday.Traders currently expect the U.S. central bank to deliver at least two 25-basis-point interest rate cuts in 2025, with the first expected in September, according to data compiled by financial services firm LSEG.Central banks like the Fed use interest rates to keep price inflation in check. Lower interest rates can spur economic growth and demand for oil by reducing consumer borrowing costs.Data showing decelerating industrial output growth and retail sales in China piled more pressure on oil prices, with analysts expecting a slowdown in fuel demand from the world's top oil importer.The analysis, however, did not reflect a 90-day pause on tariffs between the U.S. and China, with Goldman Sachs pointing to a pickup in China trade flows late on Monday.In Germany, the biggest economy in Europe, Finance Minister Lars Klingbeil promised swift measures to boost investment amid global trade uncertainty.U.S. OIL INVENTORIESThe American Petroleum Institute (API) trade group and the U.S. Energy Information Administration (EIA) are due to release U.S. oil inventory data on Tuesday and Wednesday, respectively. ,Analysts forecast energy firms pulled about 1.2 million barrels of oil from U.S. stockpiles during the week ended May 16.If correct, that would be the third decline in four weeks. There was an increase of 1.8 million barrels during the same week last year, with the average decrease at 3.5 million barrels over the past five years (2020-2024).Reporting by Scott DiSavino, Trixie Yap and Laila Kearney; Editing by Jacqueline Wong, Clarence Fernandez, Saad Sayeed, Louise Heavens, Paul Simao and Deepa Babington

Oil prices little changed on geopolitical uncertainty, weak China demand signals

TORONTO, May 20 (Reuters) - The Canadian dollar strengthened against its U.S. counterpart on Tuesday as investors slashed bets on a Bank of Canada interest rate cut next month after domestic data showed underlying inflation heating up.The loonie was trading 0.2% higher at 1.3925 per U.S. dollar, or 71.81 U.S. cents, after moving in a range of 1.3918 to 1.3968. Canada's annual inflation rate fell to 1.7% in April due to a drop in energy prices but two core measures closely watched by the BoC moved above 3%. "Ex-food and energy was probably a little bit hotter than expected," said Darcy Briggs, a portfolio manager at Franklin Templeton Canada. "I think it would give the Bank of Canada a chance to pause even further."The Canadian overnight index swaps market was pricing in a 33% chance of an interest rate cut at the next BoC policy decision on June 4, down from 65% before the data. The central bank left its benchmark rate on hold at 2.75% last month, the first pause since the easing campaign began last June.The U.S. dollar (.DXY), fell against a basket of major currencies, weighed down in part by the Federal Reserve's caution over the economy, while the price of oil , one of Canada's major exports, settled 0.2% lower at $62.56 a barrel.Canadian government bond yields rose across the curve. The 10-year was up 11.6 basis points at 3.290%, after earlier touching its highest level since January 24 at 3.319%.Reporting by Fergal Smith in Toronto; Editing by Nia Williams

Canadian dollar gains as core inflation measures heat up

Japan’s Nippon Steel remains committed to acquiring a full stake in US Steel, a senior executive said, adding that it is seeking a meeting with US Treasury Secretary Scott Bessent to clarify President Donald Trump’s stance on the deal.The steelmakers face a May 21 deadline for the completion of a renewed national security review by the Committee on Foreign Investment in the US (CFIUS) of the proposed $15 billion merger, which was blocked by former President Joe Biden on national security grounds in January following a prior review.In April, Trump directed the CFIUS to reassess the deal, raising hopes of a reversal, although he said in February the deal would take the form of an investment instead of a purchase. Trump is expected to decide the fate of the transaction by June 5.“Our intention to pursue a full buyout remains unchanged,” Nippon Steel vice chairman Takahiro Mori, a lead negotiator on the deal, told Reuters on Tuesday.He said only full ownership would allow Nippon Steel to share its core technology and strengthen US Steel, not in a joint venture.“There is no free technology,” Mori said.He said Nippon Steel has requested a meeting with Bessent, who chairs CFIUS, to better understand Trump’s position ahead of a final decision.On Tuesday, Reuters reported that Nippon Steel plans to invest $14 billion in US Steel’s operations, including up to $4 billion in a new mill, if the Trump administration green lights its bid for the iconic US company, according to a document and three people familiar with the matter.Mori declined to comment on details of the CFIUS talks, but said any increase in investment would be tied to higher returns and would not strain the company’s finances.“This deal will make US Steel and United States stronger,” Mori said, adding that it aligns “100% with Trump’s policy,” by boosting foreign investment and domestic manufacturing.“My view is, if President Trump fully understands (strategic significance), he will approve it,” Mori said, noting plans to preserve US Steel’s name, headquarters, and integrated operations. The majority of the new board of US Steel would be American, with trade and manufacturing capacity issues overseen by three independent directors appointed by CFIUS, effectively the US government, addressing national security concerns, he said.The world’s No.4 steelmaker expects net profit to fall 43% in the fiscal year ending March 2026, hit by slumping global steel prices driven by China’s excess production and exports and impact from US tariffs.(By Yuka Obayashi and Ritsuko Shimizu; Editing by Raju Gopalakrishnan)

Nippon Steel still committed to full US Steel takeover, says executive

NEW YORK, May 20 (Reuters) - Major stock indexes eased while U.S. Treasury yields rose on Tuesday as investors focused on a critical vote in Washington over U.S. President Donald Trump's sweeping tax cuts.Trump went to Capitol Hill on Tuesday to encourage Republican lawmakers to resolve their differences over a bill that would extend the 2017 tax cuts from his first term, among other things.Investors are worried the bill will lead to the U.S. budget deficit growing at a faster pace than previously expected. Moody's Investors Service downgraded the U.S. credit rating late on Friday, fanning concerns about the country's debt load."With the Republican bill still up in the air, there's just enough uncertainty to lead people to be a little bit more cautious and use this recent rally maybe to trim a little bit of their (stocks) portfolio," said Rick Meckler, partner at Cherry Lane Investments, a family investment office in New Vernon, New Jersey.The S&amp;P 500 on Monday had registered a sixth straight day of gains.The Dow Jones Industrial Average (.DJI), fell 94.42 points, or 0.22%, to 42,697.62, the S&amp;P 500 (.SPX), fell 14.66 points, or 0.25%, to 5,948.94 and the Nasdaq Composite (.IXIC), fell 37.09 points, or 0.19%, to 19,178.38.Home Depot (HD.N), was down 0.3% with the broader market, although the home improvement retailer beat Wall Street estimates for first-quarter sales.MSCI's gauge of stocks across the globe (.MIWD00000PUS), fell 0.07 points, or 0.01%, to 882.32.European stocks closed at near nine-week highs, with utilities and telecom firms leading gains.The pan-European STOXX 600 (.STOXX), index rose 0.73%.China's blue-chip index (.CSI300), climbed 0.54% after its central bank cut benchmark lending rates for the first time since October.The yield on benchmark U.S. 10-year notes rose 0.2 basis points to 4.477%, from 4.475% late on Monday.The 30-year bond yield rose 2.1 basis points to 4.9624% from 4.941% late on Monday, the highest since November 2023.In a sign of broader market nervousness, Japanese super-long government bond yields soared to all-time highs on Tuesday, precipitated by a poor auction of 20-year securities.The Japanese 20-year yield jumped as much as 15 bps to 2.555%, its highest since 2000, and the 30-year yield hit a record high of 3.14%.The U.S. dollar declined again as investors awaited more comments from Federal Reserve officials. Traders expect at least two 25-basis-point rate cuts from the Fed by the end of 2025.In late morning trading, the dollar slipped against the yen, falling to a roughly two-week low of 144.095 yen. It was last down 0.1% at 144.64 yen , sliding in five of the last six sessions.The Australian dollar fell sharply against the U.S. dollar after the Reserve Bank of Australia cut benchmark interest rates by 25 basis points and left the door open to further easing in the months ahead. The Aussie was last down 0.57% versus the greenback at $0.6416.Canada's annual inflation rate eased to 1.7% in April, above economists’ expectations for a 1.6% gain. Two of the three core measures of inflation, which are closely watched by the Bank of Canada, also hit 13-month highs on underlying price pressures.U.S. crude rose 0.3% to $62.88 a barrel and Brent rose to $65.63 per barrel, up 0.14% on the day.Gold prices rose more than 1% as the U.S. dollar weakened further. Spot gold rose 1.54% to $3,278.81 an ounce.Reporting by Caroline Valetkevitch in New York and Alun John in London; Additional reporting by Ankur Banerjee and Johann M. Cherian in Singapore; Editing by Emelia Sithole-Matarise, Joe Bavier and Nia Williams

Stocks ease, Treasury yields rise; US tax-cut bill in focus

Swedish metal-cutting and mining equipment maker Sandvik is targeting annual savings of 1 billion Swedish crowns ($103.3 million) by the end of 2030, it said in a statement on Tuesday ahead of its investor days.Sandvik will divide its Manufacturing and Machining Solutions business into two separate areas and plans to implement restructuring measures in the Machining business throughout 2025-2030 to improve its geographical manufacturing footprint and increase regionalisation, it said.The Manufacturing and Machining Solutions business made up about 40% of Sandvik’s revenues in 2024. It has suffered from weak demand in Europe and in the automotive sector in recent quarters.The restructuring measures will incur costs of 3 billion crowns over the five-year period, related to site consolidations and other measures, Sandvik said.Ahead of a two-day capital markets event in Sweden, Sandvik said it would confirm its long-term financial targets, including 7% revenue growth and an adjusted operating margin (EBITA) in the range of 20% to 22%.Its shares rose about 0.9% after the statement was published.($1 = 9.6794 Swedish crowns)(Reporting by Greta Rosen Fondahn, editing by Milla Nissi-Prussak)

Sandvik targets annual savings of $103 million

Congolese minerals such as tungsten, tantalum and tin, which Kinshasa has long accused neighbouring Rwanda of illegally exploiting, could be exported legitimately to Rwanda for processing under the terms of a peace deal being negotiated by the U.S., three sources told Reuters.Kinshasa views the plundering of its mineral wealth as a key driver of the conflict between its forces and Rwanda-backed M23 rebels in eastern Congo that has intensified since January, accusing Kigali of smuggling tens of millions of dollars worth of minerals over the border each month to be sold from Rwanda.Washington is pushing for a peace agreement between the two sides to be signed this summer, accompanied by minerals deals aimed at bringing billions of dollars of Western investment to the region, Massad Boulos, U.S. President Donald Trump‘s senior adviser for Africa, told Reuters earlier this month.He said on X last week that the U.S. had provided the first draft of a deal to both sides, though its contents have not been disclosed.Too many ESGs, too little clarity: Challenges to Africa’s critical minerals sector Two diplomatic sources and one U.N. source briefed by U.S. officials told Reuters that the negotiations could lead to minerals from what are now artisanal mining zones in eastern Congo being refined and marketed from Rwanda.“Their (Washington’s) point of view is simple: If Rwanda can legitimately benefit from Congo’s minerals through processing, it will be less tempted to occupy its neighbour and plunder its minerals,” one of the diplomats said.“And for Congo, industrialization would increase its revenues, improve traceability, and combat the armed groups that currently live off the miners.”A government spokesperson for Congo, which has long said it wants to move away from raw exports and towards local processing, referred questions to the foreign ministry, which did not respond.A Congolese official, speaking on condition of anonymity, said no cooperation on minerals could happen without the withdrawal of Rwandan troops and “their proxies”, a reference to M23, which controls more territory than ever in eastern Congo.The official said Rwanda would also need to respect “our sovereignty over everything, including our minerals.”For Rwanda, the negotiations could bring a massive inflow of cash that could help it clean up what has until now been a largely illicit sector of its economy. The U.S., for its part, would be able to secure for itself and its allies deeper access to Congolese mineral assets that are dominated by China.A U.S. State Department spokesperson said that in a declaration signed in Washington last month, Congo and Rwanda had committed to creating “transparent, formalized, and licit end-to-end mineral value chains (from mine to processed metal) that link both countries, in partnership with the U.S. government and U.S. investors.”Details of the exact scale of investments, and who would be making them, are as yet unclear, but Boulos told Reuters last week that U.S. officials had engaged with “probably up to 30” U.S. investors about “doing business in Rwanda in the mining space,” including downstream processing activities.He said separately that the U.S. International Development Finance Corporation – a body tasked with mobilising private capital to further U.S. foreign policy and national security goals, offering support like debt financing – would “provide full support on these transactions and investments”.The region’s long history of violence underscores the risk that any companies taking the leap could be exposed to losses.Root causes The minerals projects alone won’t halt a conflict that stretches back to the 1994 Rwandan genocide, the sources said.“A mining agreement cannot bring peace. These projects will take three, five or 10 years,” another diplomat said. “There are immediate problems and root causes that need to be addressed.”Congo, the U.N. and the U.S. have repeatedly accused Rwanda of profiting from the illegal exploitation of Congolese mineral resources, allegations Kigali denies.A previous attempt to foster deeper official mining cooperation between Rwanda and Congo four years ago failed.In June 2021, the two sides signed deals including a memorandum on the joint exploitation and commercialization of Congolese gold between state-owned Sakima and private Rwandan firm Dither.But Kinshasa suspended the deal in June 2022, citing Rwanda’s alleged military support for M23 and the rebel group’s capture of the strategic border town of Bunagana.Rwanda has denied backing M23 but acknowledges deploying “defensive measures” in eastern Congo against Rwandan Hutu militias. Analysts say the most commonly cited group, the Democratic Forces for the Liberation of Rwanda, no longer poses much of a threat.One diplomatic source said that from Kigali’s point of view, Kinshasa is not a reliable negotiating partner. “The collapse of the Sakima deal bothered them,” they said of Rwandan officials.“Neither country trusts each other,” said William Millman, an independent consultant on the tantalum-niobium industry who has visited mines in both countries.“So unless you’ve got somebody with a big club, like the United States, they’re not going to honour agreements.”(Reporting by Sonia Rolley in Paris and Daphne Psaledakis in Washington; Additional reporting by Andrew Mills in Doha; Editing by Robbie Corey-Boulet and Jan Harvey)

US-led peace talks could boost Rwandan processing of Congo minerals, sources say

May 20 (Reuters) - High uncertainty over the Trump administration's trade and other policies could slow the economy significantly as households and businesses put spending and investment decisions on hold while they wait for more clarity, St. Louis Federal Reserve Bank president Alberto Musalem said on Monday."To the extent that the economy requires capital expenditure to continue to occur, that it requires hiring to continue to occur, and if all those decisions have been somewhat paused because of the uncertainty, it would affect the economic outlook I would expect," Musalem said in Minneapolis. "I don't want to give a precise number estimate, but I would say it tends to be a pretty meaningful impact."Reporting by Ann Saphir

Fed's Musalem: policy uncertainty has 'meaningful' impact on economic outlook

Coal imports from China’s largest supplier Indonesia tumbled 20% to 14.286 million tons in April, customs data showed on Tuesday, as Chinese buyers rejected a push by Jakarta to use its government-set benchmark in international sales, in a bid to increase royalties.Indonesia began using the new government-set price, known as HBA and previously used only to calculate royalties, on March 1 to exert more national control over the value of both domestic and export transactions for the fuel commodity, but traders complain the index is opaque and more expensive.Also weighing on Indonesian imports were lower prices for domestic coal in China, which dragged down overall coal imports by 16% year-on-year in April.Domestic prices are at four-year lows, cutting into profit for imported coal.China’s coal imports from other top suppliers also fell last month. Russian shipments fell 13% in April from the same month last year to 7.397 million metric tons, the data showed.Moscow is planning to support its coal industry, hit by Western sanctions, with discounts on rail transportation rates and guaranteed exports, according to a letter seen by Reuters and reports from coal-producing regions, which could support shipments to neighbouring China going forward.Imports from Mongolia, mostly of coking coal, dipped 3% to 7.014 million tons last month. Imports from Australia also declined 3% in the month to 6.97 million tons.(By Colleen Howe and Michele Pek; Editing by Edwina Gibbs and David Evans)

Indonesian coal shipments to China slide amid new benchmark push

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