With Saudi Arabia and Russia’s oil production cuts, there’s a danger that the previous months of low inflation might be an outlier.
it was "a hell of a good week of data" on the inflation front, which allows the Fed to "sit there, wait for the data, see if things continue" — suggesting the Fed might indeed keep rates unchanged at its upcoming September meeting.Goldman Sachs has cut its odds of the U.S. slumping into a recession from 20% to 15%, citing encouraging signs from recently released economic data.
With Saudi Arabia and Russia's oil production cuts, there's a danger that the previous months of low inflation might be an outlier. After the news broke, October contracts for WTI rose to $86.75 per barrel and November contracts for Brent hit $90.05 a barrel, the highest levels for both in 10 months.
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