September 8, 2022
The price of oil has settled down this morning following its -7% decline yesterday. It was yesterday’s drop in the price of crude that finally provided some relief to stocks and bonds on the day. Futures are off a tick this morning on a lighter than expected U.S. Initial Jobless Claims number, the European Central Bank’s decision to raise rates there by 75bps this morning, and news from London that the Queen’s health is of immediate concern to her doctors. That last headline has been inevitable, but it doesn’t make is any less disconcerting when it comes.
Be well,
Mike