RE:This NR is trueliljohnny......a big YEP
Oil is up 4% on the new sanctions and this doesn't help in the battle to reduce inflation. "The Gang That Couldn't Shoot Straight" shoots themselves in the foot once again.
A long time ago, I posted here a prediction that the Fed rate would climb to 5.75, The rate at that time was 4%. Before this latest move by the US Government to sanction Russian shippers for selling below 60 a barrel, the Fed had already signalled one more hike before yearend to bring the rate to 5.75. This move by Biden could well result in a further rate hike in the beginning of next year to 6%. Either way, it will mean higher rates for longer.
In the US 30 year mortgage rates are now 7.5% and this number could easily rise to 8% with a couple of rate hikes by the Fed.