Bank woes brought oil down
Crude prices have fallen as banking concerns persist. Granholm, Energy Secretary, said that it could take many years to refill the SPR. The banking crisis will have a significant negative effect on the economy and could lead to small businesses being unable to borrow. There just isn’t a lot of optimism here for the outlook over the short-term for crude oil and that has energy traders hesitant to buy this dip.
After Fed comments about hawkishness, gold rally is halted
Gold is down after some hawkish comments from Fed’s Bullard was followed by better-than-expected flash PMI data. Bullard’s base case is that bank stress abates and if the economy remains resilient, markets might be wrong in anticipating the Fed’s next move will be a cut. Bullard’s dot is at 5.625%, which means he is pretty confident that the Fed is nowhere near done tightening. Crypto Cryptos are lower as some traders start to doubt how aggressive this market is pricing in Fed rate cuts. Bitcoin failed to reach the $30,000 mark and seems ready for consolidation.
Exhaustion of the crypto rally
Coinbase’s Coinbase news is being closely followed by cryptocurrency traders. Coinbase CEO Armastrong noted that they weren’t…
