Maleeha Bengali is CEO of MB Commodities Capital, based in London.
The Fed has always been a backward-looking institution, and Jerome Powell's weak statements only back that up. This could be a watershed moment for the Fed chair.
The problem with the oil market is not one of supply, it is one of demand.
The new oil minister has his hands full in maximizing oil export revenue and prepping for the IPO of Saudi Aramco.
With market indices at all-time highs and signs of inflation appearing, it is hard for the Federal Reserve to justify a rate cut of even one-quarter point.
Rather than react to headlines and try to decipher market clues as to where it is headed, take a step back and evaluate the bigger picture.
OPEC has no idea how much oil prices can fall, but current prices are not acceptable to the organization.
The risk/reward of being short U.S. bonds and long the S&P 500 for a trade makes sense at these levels.
The market has bounced miraculously off the 2900 level in the S&P 500, with the technology sector once again leading the way. But where it goes from here is unclear.
Who says late summer is quiet -- with the trade war with China escalating, the global economy slowing and volatility in the market rising, you better buckle up.
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