An Oil Shock Was Just What We Needed in Fed Week
Markets have only just come full circle after a bout of recession-fear-induced whiplash since the last meeting of U.S. policy makers.
An Aramco oil facility near al-Khurj area, just south of the Saudi capital of Riyadh.
Photographer: Fayez Nureldine/AFP/Getty Images
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Some of us measure our lives not in years or months but Federal Open Market Committee meetings. The Federal Reserve meets on monetary policy again this week. The six weeks since we last heard from them have seen a turnaround, and then another turnaround. That was more thanks to events far beyond central-bank control than anything the Fed’s governors did. Now, what are the chances of another turnaround, courtesy of geopolitical uncertainty, as the next FOMC meeting is at hand?