Dollar jumps to near two-month high on Fed outlook, oil climb - kitco.com
Dollar jumps to near two-month high on Fed outlook, oil climb - kitco.com
Source: kitco.com
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DW NOTE
The Fed raised rates seven days ago into a 208-day Hormuz blockade that has already stripped 5.7 million barrels per day from global supply. Oil is down 18.8% from its high not because the crisis ended — inventories are still falling at 3.0 million b/d — but because someone decided $91 crude during a supply shock was expensive. The dollar is rallying on a 25 basis point hike while the Treasury finances a $1.9 trillion deficit. Call it a flight to safety if you want; it's a flight to the least-ugly balance sheet in a room full of disasters.