The fact that oil broke close to US60 today caused a drop in SP 500 energy stocks.
More Quotes from Jim Paulsen:
Thus far, the Fed seemingly has no bite. Normally, when the Fed has raised short-term rates, long-term yields have also risen. Not this time.Jim Paulsen
That certainly is going to fan a little inflation fear here, and going forward it will at least keep people on the watch a little longer on the idea that the Fed is going to keep tightening.
Jim Paulsen
There's a fairly consistent theme running through all of the markets, which is tied to the idea that the Fed is nearing the end of the tightening cycle. It was the combo that the Fed's done and the import price number was down.
Jim Paulsen
On net this is not going to be a big event economically. People initially went to the big impact it was going to have, all predicated on the idea that oil was going to go a lot higher (than it has).
Jim Paulsen
The headline thing today is oil. It's within striking distance of a new high. It adds more fear about how much the economy could slow.
Jim Paulsen
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