Crude awakening, Biden summons Powell to Oval Office

Slide deck: https://bit.ly/3x0MxP7   - 

Today we look at the huge fresh surge in crude oil prices as Europe moves ahead with further restrictions on Russian oil imports. This is providing a headwind for risk sentiment, as is a jump in US yields after the US Fed's Waller talked up several 50 basis point hikes and Biden summoned Fed Chair Powell for a rare meeting in the Oval Office today. In equities, we look at rebound behaviors within historic bear markets as this is now the 15th worst drawdown in US equity market history since 1929. Wheat, industrial metals, the USD and FX themes, corporate credit and more also on today's pod, which features Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.

Intro and outro music by AShamaluevMusic