March marks the end of the first quarter of calendar year 2023. The Federal Reserve anticipates another two quarter-point interest rate increases in the second quarter following the quarter-point in February: one on March 22 and one at its meeting on May 3.
A cut of 2 million oil barrels per day resulted from Russian-led allies, a move that caused already high prices to rise further. This results from Russian pressure on fellow members of the 23-member group known as OPEC.
December is the end of a turbulent year for the PVF sector of our economy: supply-chain constraints, rising costs of material, labor shortages, escalating energy costs, international conflicts and a political environment hostile to fossil-fuel energy sources.
We are midway through the fourth quarter of the calendar year 2022. The months of November and December are not only impacted by the holidays, limiting the number of shipping days — we all will be impacted by rising fuel costs.
The PVF industry, unlike many manufacturing sectors, demands industry experience of its leaders. Much of the sector’s success is attributed to that experience. Also, rising inflation brings recession to the mind of the Federal Reserve and its chairman.