U.S. Stock Futures Are Lower And Oil Prices Have Increased to Multiyear Highs
U.S. stock futures are lower: Oil prices increased to multiyear highs. Brent jumped to $130 in early morning trading, the highest level since July 2008 and West Texas Intermediate rose to $123. The U.S House is considering a bill that would ban the import of Russian oil and energy products. Higher energy prices are expected to pressure inflation and will invariably influence the Fed’s aggressiveness on hiking rates. CPI will be released on Thursday and the consensus is 7.9%. 10y yields are higher this morning but down from last week as investors find safety in sovereign debt during stressful periods. The dollar index and gold prices are higher this morning. International markets are lower. Ukraine and Russia are expected to head back to the negotiating table today.