Anyone laughing at Lawrence Summers for predicting that the US Federal Reserve’s next move may be a tightening, rather than loosening, is rather quiet now.
The former US Treasury secretary turned many heads with that contrarian pronouncement last week. In the 48 hours since Iran rained fire on Israel, many Fed forecasts have likely been blown to bits.
On top of that, the Organization of the Petroleum Exporting Countries cartel continues to keep a tight lid on oil production, causing Citigroup and others to foresee US$100 per barrel oil on the near-term horizon.
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