Powell Suggests No Hike in Nov, Oil Rises on Escalation Fear

Jerome Powell took a notably Dovish posture in his speech at the New York Economic Club yesterday where he suggested that the recent spike in interest rates makes a November Fed rate hike unlikely. Elsewhere a series of missile and drone attacks in countries throughout the middle east yesterday has the price of oil rising this morning as the market begins to price in the increasing likelihood that the war in Gaza spreads.

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