Oil Rebound the Real Deal, Frackers Will Be Fine Says TIAA-CREF

The recovery in oil is real and prices will get even firmer in the second half of the year due to economic growth and a drop in the rig count, said Tim Hopper, Chief Economist for TIAA-CREF. Hopper added that the fracking companies most pressured during oil's swoon have weathered the storm and will resume production as 2015 progresses. Furthermore, Hopper said inflation has also bottomed out, predicting wage growth to increase along with oil prices. He forecasts economic growth to be approximately 2.5% despite the disappointing Q1 GDP result. Finally, Hopper said Europe and Japan are showing fundamental strength and are relatively good places to invest because they are at the beginning of the QE cycle.