In 4 months Oil has dropped from 120 to 80 . Got to have a huge positive on inflation by years end. Can't see interest rates going up next year and if economy cools off too much we may see rates fall slightly next year.
A study by the Federal Reserve Bank of Dallas in September 2021 suggested that if crude oil prices rose to $100 per barrel for three months before retreating, the spike would boost the annual inflation rate by 3 percentage points in the short term, with the effect fading quickly as oil prices pulled back.
Fully Informed on WDS, page-122
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