Commodities depression? It's just the weather
Oil glut? Weather
Retailers imploding? Weather
Car sales tanking? Don't worry, it's only weather
Loan growth imploding? Weather
U.S. GDP at .6%? Weather
Global trade and GDP? Must be the weather
Global warming? It's just the weather...
No jobs? Weather
Meanwhile, here is Oil (black) with the consumer price index, I mean "reflation":
Speculators bought Oil on the basis of the OPEC production cut, which boosted the CPI and led to the Fed raising rates. Because no zombie has seen this movie before, featuring a mid-cycle dip and late cycle surge:
"It's called circle jerk-o-nomics"
Which means that oil gamblers overinvested in collapse...
It also means that OPEC is now a price taker and no longer controls the market:
Gamblers will be happy to know that the Fed is doing their best to get oil prices down again...
And demand for commercial loans as well: