Oil up and metals down as rates creep higher ahead of Fed rate decision 🛢️📈🏦

Flash Market Update

The Iran conflict drags on as trash talk from both sides pushes oil towards $100.

Although oil prices have been creeping higher, the weakness in precious metals might suggest a deflationary shock being priced in more than inflation.

Mortgage rates are also losing ground.

However, MBS-Treasury spreads remain tight, holding below 1.00 for the last 3 weeks.

Tomorrow’s FOMC is Powell’s last as Fed Chair.

Despite oil’s price action, tomorrow’s rate decision will likely be the biggest market mover over the next 48 hours, followed by the PCE inflation report on Thursday.

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