If you had oil prices soaring more than 10% in volatile trading in March on your 2022 bingo card, chances are we’d think you were flat out lying to us. But that’s exactly what happened on Monday as the risk of a U.S. and European ban on Russian product and delays in Iranian talks triggered what was shaping up as a major stagflationary shock for world markets. Meantime, U.S. yields fell and the yield curve reached its flattest level in two years as concerns about the war in Ukraine led investors to seek out longer-dated low-risk debt. Isaac Poole from Oreana Financial Services says the Fed’s balancing act just got a whole lot tougher. While they have already flagged a 25 basis point hike for next week, the Fed will go down the hiking trajectory for the near term. Transitory pressures from food and energy are hitting pocketbooks across the globe but the Fed must still, in Isaac’s view, dampen the chatter around 50bp hikes. After all, some analysts still have seven or eight hikes on that trustworthy bingo card. (Source: Ausbiz) Click here to watch the interview.

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