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US Fed raised rates an expected .25 basis points today in the face of a two week banking crisis saga and against the backdrop of stubborn and sticky inflation in housing and labor costs (shelter and services). UK inflation came in hot at 10.4% for February. The European Central Bank raised rates a half a point this week despite banking turmoil. Jerome Powell did not seem assertive, assuring, or convincing today and serious recession fears loom as the odds of a “soft landing” fade. Oil prices have been reflecting recession risk and fears as well as a somewhat softer than expected reopening in China. Oil prices are hanging around $70/barrel WTI. And China’s Xi Jinping just finished a three day visit to Moscow where he met with Putin and talked about everything from the war in Ukraine to energy deals. This trip came immediately after Xi took his unprecedented third term in office and brokered a peace deal with Iran and Saudi Arabia. China is importing record volumes of cru
