Middle East tensions send oil prices surging, piling pressure on the Fed to hike rates at July meeting

1. 1With its July 28–29 meeting approaching, the Fed is wrestling over whether to hold rates steady or hike them amid a resurgence of inflationary pressure.
2. 2Oil prices spiked on the flare-up of Middle East tensions, and at one point last week markets priced in a roughly 40% probability of a rate hike.
3. 3June CPI fell for the first time in six years, pushing the implied hike probability down to about 10%, but the renewed escalation of Iran-related tensions sent it bouncing back.

Source Bloomberg · View original ↗

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