Don't Forget About Oil

Powell might insist that the word “stagflation” is never mentioned at FOMC meetings, but inflation and labor costs are still hot, and the latest GDP print is still hanging over us like a wet rag.

Nevertheless, the algos are content to take their cues from VIX and currencies which, at the moment at least, are ramping stocks higher.Perhaps more importantly, though, WTI has fallen through our 79.42 target which in the absence of a wider conflict in the Middle East creates a real opportunity for lower inflation.continued for members…