In another sign energy is now a second front in the Eastern European war, President Vladimir Putin has said he wants “unfriendly countries” to pay for Russian oil and gas in rubles. Putin’s move follows reports that European Union nations are considering joining the U.S. boycott of Russian oil and in the aftermath of a weekend attack on Saudi production facilities. Brent crude, the European benchmark, has surged again, rising nearly 5% Wednesday to $121. Energy costs will surely have the attention of an inflation-obsessed Federal Reserve. Cleveland Fed President Loretta Meester said she supports front-loading rate hikes, while San Francisco Fed President Mary Daly said she sees room for a 50-basis-point hike at the next Federal Open Market Committee meeting in May. That’s despite the fact that market rates are already negatively impacting the housing market, with new home sales down for a second straight month in February and mortgage refinance applications down 14% week over week. Darius Dale, founder and CEO of 42 Macro, joins Maggie Lake to talk about energy, inflation, and the Fed. Want to submit questions? Drop them right here on the Exchange: https://rvtv.io/36C4JE6
Learn more about your ad choices. Visit podcastchoices.com/adchoices
