St. Louis Fed President James Bullard told Bloomberg TV that OPEC’s production cut was “a surprise.” But he added, “whether it will have a lasting impact I think is an open question.”
He noted the challenges in tracking oil prices, admitting that fluctuations “might feed into inflation and make our job a little bit more difficult.”
Regarding the current state of the global economy, Bullard pointed out that he had already expected higher oil prices given China’s faster-than-anticipated recovery and Europe narrowly avoiding a recession. He also cited strong US data as a bullish factor for the oil market.
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