Bond Traders Track Oil as Rising Inflation Bets Muddy Fed’s Job
- Expectations matter for policy results, Chairman Powell Says
- Five-year breakeven inflation rate near highest since 2002
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Bond traders have a new obsession: the cost of oil and gasoline.
That’s because commodity prices -- especially what consumers pay at the pump -- make up an outsized component of inflation expectations, which have been mounting ever higher as Russia’s war in Ukraine intensifies.