Market Overview Analysis by Michael Lebowitz covering: Crude Oil WTI Futures, ProShares UltraShort Bloomberg Crude Oil, ProShares Ultra Bloomberg Crude Oil, ProShares UltraShort DJ-UBS Crude Oil. Read Michael Lebowitz's latest article on Investing.
. Today, despite their spurious track record, scores of economists exude confidence in their forecasts for a sustained rate of higher-than-average inflation and a soft economic landing.
As shown below, the second quarter 2020 deficit was $2 trillion, or over $500 billion more than the annual deficit used to combat the financial crisis. All other quarterly deficits pale in comparison.Despite the massive fiscal and monetary onslaught and a severe breakdown in supply lines and the production of most goods, many Wall Street economists were sanguine about inflation prospects.
Krishna Guha sums up a popular opinion among economists at the time and one on which the Fed based monetary policy. Despite the sizeable stimulus and enormous supply-side disruptions, price increases would apparently be muted due to the “. They feared the velocity of money was declining at such a rapid pace it would offset the stimulus, supply line problems, and the unprecedented increase in the money supply.
Economists ignored tremendous amounts of data pointing to growing inflationary pressures and wrongly predicted a continued decline in monetary velocity. Can it continue? The base case for inflation to remain higher than the Fed’s 2% objective and a soft landing is to assume it does.
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U.S. crude oil prices fall below $78 a barrel to their lowest since JulyU.S. crude prices on Tuesday fellow below $78 a barrel to hit the lowest point since July as weak global economic data overshadowed concerns that the…
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U.S. crude oil prices fall below $78 a barrel to their lowest since JulyU.S. crude prices on Tuesday fellow below $78 a barrel to hit the lowest point since July as weak global economic data overshadowed concerns that the…
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Closing prices for crude oil, gold and other commoditiesBenchmark U.S. crude oil for December delivery fell $3.45 to $77.37 per barrel Tuesday. Brent crude for January delivery fell $3.57 to $85.61 per barrel. Wholesale gasoline for December delivery fell 7 cents to $2.17 a gallon. December heating oil fell 11 cents to $2.84 a gallon. December natural gas fell 12 cents to $3.14 per 1,000 cubic feet.
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