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A Deep Dive into Oil
The Fed raised rates after all last week. Our expectation of political expediency and therefore a hold pose was set aside by a more pragmatic FOMC fearing persistent and non transitory inflation in the system.
The 10 year US Treasury blew through 5% and the yield curve steepened. Ie the long end rose faster than the short. The implication is a recession or at least an economic slowdown.
Whilst Brent crude declined back below $100 per barrel last night, thanks to expectations of resolutions to be agreed at this week’s UN summit in New York, we are of the view that the reality on the ground is…
The skinny
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