Five, 10-year TIPS rates rise to 1.74% and 1.54%, respectively, after OPEC+ agrees to cut oil production

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Biden ‘disappointed’ by OPEC+ production cut, White House says

President Joe Biden “is disappointed by the shortsighted decision by OPEC+ to cut production quotas while the global economy is dealing with the continued negative impact of Putin’s invasion of Ukraine,” said a White House statement on Wednesday from National Security Adviser Jake Sullivan and top economic adviser Brian Deese. “In light of today’s action, the Biden Administration will also consult with Congress on additional tools and authorities to reduce OPEC’s control over energy prices,” the statement also said. In addition, the statement said Biden will continue to direct Strategic Petroleum Reserves releases “as appropriate to protect American consumers and promote energy security,” and he is directing the Energy Department’s secretary to “explore any additional responsible actions to continue increasing domestic production in the immediate term.” Earlier Wednesday, a spokesman for the White House’s National Security Council, John Kirby, defended Biden’s July trip to Saudi Arabia following the news that a key panel has recommended the Organization of the Petroleum Exporting Countries and its allies cut oil production.

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