Oil at 76, a breaking point in my view. But the ten year is now 1.44. The dollar must be down, I dunno.
The best guess it another minor dash for cash. Oil buyers do not like the price, but this price is not high enough to trigger much more Texas oil. The other consensus says UK and EU are in a recession and the USA ain't far behind with some eye dropping revisions of real growth down. And China is much closer to zero then we have ever seen.
Biden is worried about a sudden energy shortage and wants gasoline prices down. We need oil in the electricity plants to charge the electric cars. And taper looms, it will seem difficult for Powell to weasel his way out.
Down turn? More like the doldrums, really to noisy to notice zero growth. Unless something big breaks, the recession committee is not seeing anything but noise.
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