The deflationary selling binge in commodities has continued with a vengeance, with sagging crude oil prices leading the way.
Additional Commodity Pressure in Anticipation of an Interest Rate Hike
In looking ahead to the coming week, we expect additional commodity pressure going into the FOMC meeting off of a stronger dollar in anticipation of an interest rate hike.
Suspect a Bottoming in the World Economy
Economic prospects have improved over the last two weeks, as crude oil prices have shown signs of declining further, the Fed have minimally downplayed the prospect of a near-term rate hike, and perhaps most importantly, the ECB did “something” to help facilitate growth in the euro zone.
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Positive Sentiment Hard to Come By
The US Federal Reserve appeared to be “threading the needle” with their narrative supporting a December interest rate hike, as they emphasized that the future rate path will be slow and gradual.
Classic Physical Commodities Under Spillover Pressure
The markets have seemingly become comfortable with a “one and done” rate hike from the Fed in December or sometime in early 2016.
Stronger Chance For a December Federal Reserve Interest Rate Hike
A much better than forecast look at October US jobs data has strengthened the chances for a December Federal Reserve interest rate hike.