by Liam Denning at Bloomberg
David Stockman’s Contra Corner
See, OPEC: Janet Yellen knows how to do a freeze. Or, rather, a very slow thaw.
The Federal Reserve Chair’s reassurance of a gradual approachto raising interest rates helped revive an oil market losing its fascination with OPEC’s chatter. (Good job, too, what with Saudi Arabia and Kuwait announcing on the same day they would actually restart a field shut down in 2014. Clearly, the supply freeze is a complicated affair.)
So, too, though, is the Fed’s relationship with oil. And if you want to see how frozen, low rates can wreak havoc, cast your mind back to the housing crisis.