Good morning. It was nice, from the point of view of inflation, that after Opec flexed its muscles extravagantly the oil price only rose to about $90, within its declining trend. Perhaps there is hope for 2023, after all. Email us: Robert.Armstrong@ft.com and ethan.wu@ft.com.
Mortgage bonds’ big momentYou could argue that the most important price in the world right now is the US 30-year fixed mortgage rate. It is the most direct transmission channel for Federal Reserve rate increases, it determines marginal prices for a huge asset class where most Americans have the bulk of their wealth, and it scares the socks off of everyone. The size and speed of its move is amazing, as a 20-year chart shows:
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