The vice Chair of the Fed reserve, Lael Brainard, a permanent voting-member on the Federal Open Market Committee (FOMC) acknowledged that “it will probably be appropriate soon to move to a slower pace of rate increases” during an interview with Bloomberg News, but went onto say that the central bank has “additional work to do both on raising rates and sustaining restraint to bring inflation down to 2% over time.”
The comments suggests the FOMC will continue to implement higher interest rates over the coming months as the committee pursues a restrictive policy, and it remains to be seen if Chairman Jerome Powell and Co. will adjust the forward guidance at the next interest rate decision on December 14 as the central bank is slated to update the Summary of Economic Projections (SEP).
With that said, the price of oil may attempt to retrace the decline from the August high ($1808) after clearing the September high ($1735), but the RSI may offer a textbook sell signal if the oscillator falls back from overbought territory.
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