My Sunday posts usually feature four charts that catch my eye during the week. These charts don’t necessarily hang together, but - in my opinion - are still important for the big picture in markets and the world. That’s not what’s going on today. There’s something that’s baffling me, which is that markets continue to price hikes for the Fed, even though oil prices are down lots from their peak in early April and underlying inflation looks modest. There’s two possible explanations for what’s going on. First, maybe the oil shock only feeds into underlying inflation with a lag, in which case markets are right to be ... (full story)