Bolivia's New Govt Keeps Russia, China Lithium Deals Intact

Devin

Political

Commodity

Remarks of Officials

Economic

Energy

Summary:

Bolivia's new centrist government will honor existing lithium and energy contracts, aiming to stabilize the economy after two decades of socialist rule.

Bolivia's new government is sending a clear message to global investors: existing lithium and energy contracts, including major deals with Russia and China, will be honored. The move is designed to reassure markets and stabilize the economy as the nation pivots away from two decades of socialist rule. Bolivia is estimated to hold over 20% of the world's lithium reserves, making its policy decisions critical for the global energy transition.

A Firm Commitment to Existing Contracts

Bolivian Energy Minister Mauricio Medinaceli confirmed the government's stance, stating plainly, "Our contracts will be respected." This promise explicitly covers agreements signed by the previous leftist administration.

This declaration serves as a crucial "first message to investors," signaling that the new centrist government will not tear up signed deals, despite its efforts to thaw relations with the United States.

A Political Shift After 20 Years

The policy shift comes after centrist senator Rodrigo Paz won the presidential election at the end of 2025. President Paz immediately began working to reverse policies established during nearly 20 years of socialist government.

In a departure from its predecessors, the new leadership has gained the support of the U.S. Administration. This was highlighted by the presence of Deputy Secretary of State Christopher Landau, who led the U.S. Presidential Delegation to Paz's inauguration in November.

Addressing a Deep-Rooted Economic Crisis

The previous socialist government, led by Evo Morales, nationalized the energy industry and implemented extensive fuel subsidies. These policies led to a cascade of economic problems, including:

• Plunging natural gas production

• Dwindling foreign exchange reserves

• Widespread fuel shortages

• A massive economic crisis

The heavily subsidized fuel also created a black market, with smugglers profiting by selling cheap Bolivian fuel in neighboring countries.

Energy Minister Medinaceli stated in November that the government plans to reform the subsidy system. The goal is to ensure financial support reaches those who truly need it, such as small businesses, "and not those who profit from smuggling at the borders."

Paving the Way for Future Investment

Looking ahead, Bolivia aims to launch a new oil and gas bidding round in 2027. This initiative is contingent on the successful passage of a new hydrocarbons law and a separate lithium law this year. Both pieces of legislation are being designed to attract significant foreign investment and revitalize the country's critical energy sector.

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Adam

Cryptocurrency

Bitcoin BTC-2.07% , Ethereum, and the broader cryptocurrency market experienced a sudden crash earlier today on fears that a potential trade war between the U.S. and the EU could further pressure the already fragile market sentiment.

According to The Block's bitcoin price page, the world's largest cryptocurrency dropped from $95,500 at 5 p.m. ET Sunday to $92,474 as of 9 p.m., a 3% decline in just a few hours. Other major cryptocurrencies, including ether, XRP, and Solana, tracked bitcoin's movement.

Due to the sudden drop, over $750 million in long positions was liquidated in the past four hours, according to Coinglass data aggregated from publicly available sources. Analysts attributed this plunge to fears of a looming tariff war between the U.S. and the EU.

"The crypto market continues to show weakness relative to other asset classes," Min Jung, associate researcher at Presto Research, told The Block. "While U.S.-EU trade war concerns have had the largest impact on sentiment, other risk assets, including the KOSPI, are trading flat to higher. This suggests that crypto-specific weakness persists, with investors favoring other risk assets, a theme that has continued as most markets rally while crypto remains the laggard."

US v. EU

Renewed fears of a full-blown U.S.-EU trade war emerged after President Donald Trump threatened to escalate tariffs — starting at 10% on February 1 and rising to 25% by June — on imports from eight NATO allies (Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland) unless Denmark agrees to sell Greenland to the United States.

The ultimatum drew sharp criticism from European leaders, who described the demands as "blackmail" and warned of a "dangerous downward spiral" in transatlantic relations, according to a Reuters report.

EU officials are now preparing retaliatory measures, including potentially restricting all American services in Europe, imposing new taxes on U.S. companies, or limiting investments in EU.

"The latest U.S.-EU trade war headlines have certainly injected fresh volatility into an already uneasy market … adding a layer of geopolitical uncertainty that markets were in no shape to absorb," said Rachael Lucas, crypto analyst at BTC Markets. "But while the headlines are loud, they’re not the fundamental driver of the current pullback in crypto."

Lucas pointed out that crypto market sentiment had already been deteriorating after the U.S. crypto market structure bill stalled. After Coinbase withdrew its support for the bill, the Senate Banking Committee decided to postpone its markup hearing with a new date yet to be announced.

"Meanwhile, Bitcoin has spent months consolidating after its October 2025 all time high near $126,000, with traders steadily taking profit after an extended period of volatility," Lucas said. "The recent break below the 50 week moving average triggered algorithmic selling, at the same time Spot Bitcoin ETFs shed $4.4 billion through November and December and futures open interest fell sharply, all signaling reduced appetite for risk."

The BTC Markets analyst added that bitcoin may fall to the $67,000 to $74,000 region if these macro pressures persist. Still, Lucas said that this does not resemble past crypto winters, noting that the entire industry is more mature with constructive regulatory signals.

Source: theblock

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Justin

Political

Economic

Andrew Rosindell speaks during Prime Minister's Questions, at the House of Commons in London, Britain, March 6, 2024. UK Parliament/Andy Bailey/Handout via REUTERS/File Photo

Britain's populist Reform UK party won another defector from the country's once dominant Conservative Party on Sunday, attracting lawmaker Andrew Rosindell, part of the Conservatives' foreign policy team, who said it was time "to put country before party".

With Reform UK well ahead in the opinion polls before a national election due in 2029, Rosindell is one of more than 20 serving or former Conservative lawmakers to switch to the party led by veteran Brexit campaigner Nigel Farage. His move gives Reform seven seats in the 650-seat parliament.

Rosindell announced his resignation from his position and from the party "with sorrow" on X, saying "the failure of the Conservative Party both when in government and more recently in opposition" to challenge Prime Minister Keir Starmer's decision to cede sovereignty of the Chagos Islands to Mauritius was "a clear red line for me".

"Both the government and the opposition (Conservatives) have been complicit in the surrender of this sovereign British territory to a foreign power," he said.

The Chagos deal allows Britain to retain control of a strategically important U.S.-UK air base on Diego Garcia, the largest island of the archipelago in the Indian Ocean, under a 99-year lease.

Farage, who welcomed former Conservative leadership candidate Robert Jenrick to his party on Thursday, said in a statement that Rosindell would be "a great addition to our team".

Source: Reuters

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Adam

Economic

Ursula von der Leyen was preparing to claim a rare victory on Saturday, sealing a trade pact with South America’s biggest economies. Donald Trump had other ideas.

Moments before von der Leyen stepped to the podium in Paraguay, the US president dropped a blistering announcement: He was piling more tariffs on Europe over its support for Greenland.

As the European Union’s top executive, von der Leyen was suddenly in an unexpected spotlight as people waited to see if she would publicly rebuke the US president’s latest threat to unravel alliances built over decades.

She didn’t. And when her response came — a statement later that night — multiple officials and diplomats called it “weak.”

“President von der Leyen takes all decisions with one objective in mind: serving the best interests of the EU and its citizens,” said Paula Pinho, chief spokesperson for the European Commission, the EU’s executive arm.

The moment illustrates a simmering frustration with von der Leyen’s leadership that is beginning to boil. Her preference for trade concessions over confrontation with Trump has done nothing to impede Washington and little to benefit the EU, numerous officials have pointed out.

“European appeasement strategy has failed,” said Arancha Gonzalez Laya, Spain’s former foreign minister, using historically fraught terms that several senior officials have used in private.

Meanwhile, von der Leyen has slow-walked a promised economic revival plan back home, these officials added, leaving Europe more exposed to US bullying. That economic weakness and her weakness on trade are now all converging on Greenland, as Trump’s tariff ultimatum over the Danish territory brings the US and EU to the brink of economic warfare.

“What Europe needs is an intelligent deterrence capacity to deal with predators,” said Gonzalez Laya, who represented Spain during Trump’s first term.

Whether von der Leyen can carry the EU through this moment carries existential stakes. It will determine whether the bloc can protect Ukraine from Russian aggression and adapt to a new world order where power brokers like the US and China have quashed the international system Europe spent decades building.

“We Europeans must make it clear that a red line has been reached,” German Vice Chancellor Lars Klingbeil said on Monday.

This assessment is based on conversations with more than a dozen officials and diplomats who have worked closely with von der Leyen and her team. They all spoke on the condition of anonymity to speak freely.

Reelection Vow

Von der Leyen’s pledge to focus on the bloc’s economic competitiveness and security was the linchpin of her 2024 reelection for a second term atop the commission.

She came armed with a 400-page plan of action from Mario Draghi, the former European Central Bank head and one of the continent’s most respected economic minds. Europe could leverage its €20 trillion-plus ($23.2 trillion) single market and 450 million people to project geopolitical power globally, the argument went.

Over a year later, however, much of the blueprint remains unfulfilled, while the US and China threaten to swallow Europe economically and Russia menaces on its borders.

Some officials suggested that von der Leyen was more drawn to the spotlight of meetings with world leaders and international issues than the minutiae of domestic economic policies.

“Anyone who has worked with her knows that this claim is completely unfounded and lacks factual basis,” Pinho said in response.

Other officials argued that von der Leyen hasn’t empowered the commissioners overseeing various policy files. Von der Leyen’s team, they said, retains tight control over day-to-day operations across the EU’s executive branch, drafting proposals that normally go through other departments, directing internal communications and making the final say on even minor job appointments.

The result, they say, is delay at a time when Europe cannot afford it.

Draghi himself cautioned in September that the EU was moving too slowly on needed economic reforms. “To carry on as usual is to resign ourselves to falling behind,” he said in a speech, with von der Leyen in the audience.

Pinho disputed the officials’ perception, arguing the commission used “an inclusive decision process” and that “the urgency mindset of this commission is blatantly clear.” She said von der Leyen was also leading on economic files, citing the South American deal and late-stage trade negotiations with India.

And von der Leyen’s trade strategy with the US, Pinho added, was a faithful reflection of what EU leaders and businesses wanted from Brussels.

Even von der Leyen’s critics acknowledge she has led Europe through historic crises, often with success. Her centralized leadership may have even helped in these situations, they said.

In her first term, von der Leyen put the EU in charge of coordinating vaccine purchases and convinced countries to take on joint debt to help people weather the economic fallout.

Later, when Russia sent troops streaming into Ukraine, von der Leyen’s team worked closely with US President Joe Biden to coordinate tough sanctions on Moscow. She then pushed Europe to sever its deep Russian energy ties and helped ensure that billions kept flowing to Ukraine, even after Trump cut off US aid.

Economically, she hit Chinese electric vehicles with tariffs, despite intense German lobbying against the move.

Then there is the trade deal with the Mercosur bloc of South American countries, the one von der Leyen was in Paraguay to sign on Saturday. The pact is the EU’s largest-ever free-trade agreement. It took 25 years of stop-start negotiations to get it finalized.

These are all major achievements, officials say. None of them were a given.

Trump’s Return

But von der Leyen started her second term just weeks before Trump returned to the White House, quickly pulling attention to a potential transatlantic trade war and the loss of US support for Ukraine.

The EU chief moved swiftly to strike a trade accord, even if it meant making painful compromises — a tactic that many EU countries endorsed.

In July, von der Leyen flew to Trump’s golf resort in Scotland to pose for thumbs-up photos with the president after signing a deal that accepted a 15% tariff on EU exports to the US, while removing all tariffs on US industrial goods and some agricultural products entering the single market.

The deal “creates certainty in uncertain times,” von der Leyen said at the time, echoing the sentiment of numerous EU capitals — and the desire to keep Trump on Europe’s side in Ukraine.

Trump’s Greenland Tariffs Blow Up the EU Appeasement Plan_1

No certainly has arrived, though. And Trump continues to swerve on Ukraine.

From the start, a group of officials warned that the EU was giving up more than it was getting. They argued that if the bloc didn’t take a more forceful approach, the US would only return with extra requests later. They also cautioned that trade issues risked bleeding into other matters.

Those voices grew when Washington expanded a 50% metals tariff to hundreds of additional products and started demanding changes to EU tech regulations.

After this weekend, the deal is on life support. European Parliament leaders have said they will withhold their final approval for now, while others wonder why the pact was signed in the first place.

More potential retaliation is also in the works.

EU envoys are discussing whether to impose tariffs on €93 billion ($108 billion) of US goods if Trump follows through on his Greenland tariff threat. French President Emmanuel Macron will also ask the EU to activate its most powerful trade defense tool, the anti-coercion instrument, which could mean even more tariffs, new taxes on tech companies or targeted curbs on investments in the EU.

EU leaders will hold an emergency meeting later this week to discuss the situation.

“There is a legally established European toolbox that can respond to economic blackmail with very sensitive measures, and we should now examine the use of these measures,” said Klingbeil, who is also Germany’s finance minister.

There is a growing realization internally, one EU official said, that the bloc’s current approach to the US is not going to get the desired results. But they see little chance of a muscular pivot.

Meanwhile, the ECB last week noted that problems within the EU’s own single market, touted as the bloc’s biggest benefit, are actually creating higher trade barriers than the US — equivalent to levies of 67% for goods and 95% for services.

The findings reflected a sentiment officials expressed: While von der Leyen is not to blame for Trump’s erraticism, she hasn’t done enough on the EU executive’s core job to ease business within the single market.

Yes, she is constrained by EU capitals that are frequently divided and at times blatantly obstructive. But she has also largely opted to stick with the bloc’s consensus-based traditions, even as it increasingly becomes an obstacle to making quicker progress.

“Too often, excuses are made” for the EU’s plodding economic reforms, Draghi said in September. “We say it is simply how the EU is built. That a complex process with many actors must be respected. Sometimes inertia is even presented as respect for the rule of law. I think that is complacency.”

Trump’s Greenland Tariffs Blow Up the EU Appeasement Plan_2

Opportunity Overtaken

It was telling that von der Leyen’s attempt to trumpet one of her biggest accomplishments on Saturday was drowned out by the Trump bullhorn.

The South American accord was meant to show Washington that Europe could find likeminded economic partners elsewhere, that it wouldn’t always necessarily need the US.

That sentiment didn’t even last through the press conference. Attention was back on Trump before it even began, and back on the question of what to do with a US president that blares disdain for Europe.

At some point, said one senior EU diplomat, Europe may have to decide that a relationship with the US is lost for now, that the costs outweigh the benefits.

Greenland, they added, could be that point.

Source: Bloomberg

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Owen Li

Economic

Data Interpretation

The economies of the Gulf Cooperation Council (GCC) have entered 2026 with significant momentum, driven by a powerful expansion in non-oil sectors and a steady recovery in hydrocarbon production. Among the regional powerhouses, the United Arab Emirates is emerging as one of the strongest performers.

According to the World Bank’s latest Global Economic Prospects report, economic growth across the GCC is projected to accelerate to 4.4% in 2026 and climb further to 4.6% in 2027. This outlook highlights the region's success in diversifying its economic base while maintaining strength in the energy sector.

UAE and Saudi Arabia Lead Regional Expansion

The UAE is set to be a key driver of this regional upswing. The World Bank forecasts the nation's economy will expand by 5% in 2026 and 5.1% in 2027. This robust growth is fueled by strong performance in trade, tourism, logistics, real estate, manufacturing, and financial services, cementing the UAE's role as a regional anchor. The outlook is supported by sustained foreign investment, major infrastructure projects, and policy reforms designed to boost the private sector.

Saudi Arabia is also on track for a period of stronger growth. The World Bank anticipates the Kingdom's real GDP will grow by 4.3% in 2026 and 4.4% in 2027, an increase from the estimated 3.8% in 2025. An independent analysis by Standard Chartered projects Saudi GDP growth at 4.5% for 2026, outpacing the global average of approximately 3.4%. This momentum is attributed to both rising hydrocarbon output and accelerating non-oil activity aligned with its Vision 2030 strategy.

The Engine of Growth: Economic Diversification

The World Bank notes that the improving outlook for GCC economies is rooted in the strengthening of their non-hydrocarbon sectors, which now constitute over 60% of the bloc's total GDP.

Large-scale investment programs in Saudi Arabia, the UAE, and Kuwait are key drivers, channeling capital into construction, tourism, transport, renewable energy, and advanced manufacturing. For Saudi Arabia, this push is a core component of Vision 2030, which aims to reduce long-term reliance on oil revenues by developing the private sector and creating jobs.

Business Confidence Signals Sustained Momentum

Key business indicators reflect sustained expansion in the region's non-oil economy. S&P Global data revealed that Saudi Arabia posted the GCC's highest purchasing managers' index (PMI) reading in December at 57.4, thanks to strong new orders and rising business activity.

Similar positive trends are evident in the UAE, where PMI readings have consistently remained in expansionary territory. This reflects resilient domestic demand and a vibrant services sector, particularly in tourism, aviation, and trade.

Growth Projections Across the GCC

Other Gulf nations are also set to benefit from the positive regional climate. Key forecasts include:

• Qatar: Projected growth of 5.3% in 2026, accelerating sharply to 6.8% in 2027, driven by expanded liquefied natural gas capacity and non-energy investments.

• Oman: GDP is forecast to grow by 3.6% in 2026 and 4% in 2027, supported by infrastructure development and industrial diversification.

• Bahrain: Expected to record 3.5% growth in 2026.

• Kuwait: Expected to see 2.6% growth in 2026.

The International Monetary Fund (IMF) has also affirmed this positive outlook, projecting that GCC economies will continue to outperform many emerging and advanced markets in 2026. The IMF highlighted the UAE's role as a trade and financial hub, where liberalized regulations and investment-friendly policies are successfully attracting global capital and talent.

Broader Regional Outlook and Potential Risks

Beyond the GCC, growth in the wider Middle East, North Africa, Afghanistan, and Pakistan (MENAP) region is projected to strengthen from an estimated 3.1% in 2025 to 3.6% in 2026 and 3.9% in 2027.

For the UAE, the 2026 outlook reflects a fundamental shift. Non-oil sectors are now the primary engine of economic activity, with record tourism arrivals and expanding trade volumes. Investments in renewable energy, artificial intelligence, and advanced technology are expected to support medium-term growth.

However, global risks persist. Geopolitical tensions, volatile energy markets, and slower growth in major economies remain potential headwinds. Despite these challenges, the GCC's strong fiscal positions and continued reform momentum provide a substantial buffer against external shocks. As 2026 unfolds, the Gulf's economic story is increasingly about diversification and private-sector expansion, marking a new cycle built on stronger and more balanced foundations.

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Michael Ross

Remarks of Officials

Economic

Energy

Russia-Ukraine Conflict

Russia slashed government spending in December in a bid to keep its fiscal deficit within revised targets as a collapse in oil and gas revenue hammered its finances.

According to Bloomberg calculations based on Finance Ministry data, December budget spending fell 19% from the previous year. While full-year spending for 2023 still increased by 7%, this marks a dramatic slowdown from the 24% growth recorded a year earlier.

These last-minute cuts helped Russia contain its budget deficit to 2.6% of GDP, totaling a 5.6 trillion ruble ($71.6 billion) shortfall. This met the government's revised goal but shattered the original plan for a modest 0.5% deficit, which was derailed by the worst oil and gas revenues in five years.

Although Russia has now run a budget deficit for four consecutive years amid its war in Ukraine, the 2023 gap was caused primarily by a revenue collapse rather than by aggressive spending.

What's Driving the Revenue Shortfall?

A combination of factors squeezed Russia's energy income, which plunged by 24% compared to the previous year. These include a drop in global crude prices, a wider discount on Russian oil due to tighter sanctions, and an unexpectedly strong ruble.

The situation deteriorated sharply in December, with oil and gas revenue plummeting 43% following U.S. sanctions against two of the country's largest producers, Rosneft PJSC and Lukoil PJSC.

The problem was compounded by weak receipts from other sectors of the economy. Economic growth was disappointing, likely falling short of all official forecasts to finish below 1% for the year—a steep decline from the 4.3% growth seen a year earlier.

A Weaker Fiscal Position Than in Past Crises

While the current deficit of 2.6% of GDP is smaller than the 3.8% recorded during the pandemic year of 2020, Russia's overall fiscal position is far more vulnerable now.

Back in 2020, the country's National Wellbeing Fund held approximately 8.8 trillion rubles in liquid assets, more than double its current level. At the same time, borrowing has become significantly more expensive and difficult. The central bank's key interest rate now stands at 16%, compared to a record-low 4.25% in 2020, and the exit of foreign investors has shrunk the available market for government debt.

Taken together, these figures suggest that the era of abundant resources to fund the war, support the economy, and finance social programs is over.

The End of an Era: Russia Faces a Fiscally Constrained Future

Looking ahead, the outlook for oil markets remains weak. U.S. President Donald Trump has signaled that sanctions on the Kremlin could be tightened further until a peace deal is reached. Meanwhile, non-oil budget revenue is expected to be held back by sluggish economic momentum, with growth forecast at just 1.3% this year.

Finance Minister Anton Siluanov acknowledged the challenge in a late-year interview with the state television channel Rossiya 24. "We fully understand that we cannot rely on high levels of oil and gas revenues over the long term," he said.

This new reality is forcing difficult choices. For the first time, Russia is planning to cut its defense spending in 2026, with a proposed reduction of about 10% year-on-year.

Even with such measures, the budget is projected to remain in deficit for the foreseeable future. With reserves sharply depleted, Russia will have to rely on expensive domestic borrowing as its main source of financing.

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Adam

Stocks

US stock futures skidded on Monday after President Trump threatened to slap a 10% extra tariff on imports from eight European countries because they oppose having America take control of Greenland.

Futures on the S&P 500 (ES=F) fell 1.2%, while those on the Dow Jones Industrial Average (YM=F) were down roughly 1%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) sank 1.5%. The New York Stock Exchange, Nasdaq, and bond markets are closed on Monday, Jan. 19, in observance of Dr. Martin Luther King Jr. Day.

Meanwhile, Europe's benchmark equity indexes tumbled. Germany's DAX (^GDAXI) lost 1.4%, and the CAC 40 (^FCHI) in Paris shed 1.6%. Britain's FTSE 100 (^FTSE) declined 0.6% in regular trading on Monday.

The European countries targeted by Trump blasted his threat to raise tariffs, saying they “undermine transatlantic relations and risk a dangerous downward spiral.” An unusually strong joint statement from Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands and Finland was the most forceful rebuke from the European allies since Trump returned to the White House almost a year ago.

Trump's moves are testing the strategic alignment and institutional trust underlying support from Europe, the largest trading partner and provider of financing to the United States, Stephen Innes of SPI Asset Management said in a commentary.

“In a world where geopolitical cohesion within the Western alliance is no longer taken for granted, the willingness to recycle capital indefinitely into U.S. assets becomes less automatic. This is not a short-term liquidation story. It is a slow rebalancing story, and those are far more consequential,” Innes said.

In Asia, shares were mixed after China reported that its economy expanded at a 5% annual pace in 2025, though it slowed in the last quarter. Strong exports, despite Trump's higher tariffs on imports from China, helped to offset relatively weak domestic demand.

Hong Kong's Hang Seng index (^HSI) lost 1%, while the Shanghai Composite index gained 0.3%. In Tokyo, the Nikkei 225 (^N225) declined 0.7%. Japanese Prime Minister Sanae Takaichi was due to hold a news conference later Monday as she prepares to dissolve the parliament for a snap election next month.

Elsewhere in Asia, South Korea's Kospi jumped 1.3%, pushing further into record territory on strong gains for tech-related companies. Computer chip maker SK Hynix (000660.KS, HXSCL) climbed 1.1%. Taiwan's Taiex added 0.7%, while the Sensex in India fell 0.6%.

On Friday, stocks edged lower on Wall Street as the first week of corporate earnings season ended with markets trading near record levels.

The S&P 500 (^GSPC) fell 0.1% and the Dow industrials (^DJI) lost 0.2%. The Nasdaq Composite (^IXIC) shed 0.1%. They all notched weekly losses, while smaller company stocks fared better. The Russell 2000 (^RUT) eked out a 0.1% gain.

Technology stocks were the strongest forces behind the market's moves throughout most of the day. Several big technology stocks made strong gains and helped offset losses elsewhere.

Earnings updates might give investors a better sense of how consumers are spending their money and how businesses are faring with persisting inflation and higher tariffs. Results from the technology sector are being scrutinized by investors trying to figure out whether the high stock prices fueled by the craze around artificial intelligence are justified.

This week will bring a broader mix of earnings from airlines, industrial companies, and technology companies. United Airlines (UAL), 3M (MMM), and Intel (INTC) are all scheduled to release their quarterly earnings results.

The U.S. central bank will get another update on inflation this week with the government’s release of the personal consumption expenditures price index, or PCE. It is the Federal Reserve’s preferred measure for inflation.

The Fed’s next policy meeting is in two weeks, when it is expected to keep its current benchmark interest rate as it strives to balance a slowing jobs market with stubbornly high inflation, which remains above the Fed’s 2% goal.

In other dealings early Monday, U.S. benchmark crude oil (CL=F) slipped 42 cents to $58.91 per barrel. It has settled after a spate of volatility during widespread protests in Iran against that country’s leadership.

Brent crude (BZ=F), the international standard, gave up 48 cents to $63.65 a barrel.

The price of gold (GC=F) resumed its upward climb, gaining 1.6%, while the price of silver (SI=F) jumped 5.2%.