The Fred Report - Weekly May 23, 2022

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There has been enough improvement in the internal indicators to suggest an imminent rally.  Momentum indicators then suggest another decline is likely after this rally (assuming it occurs).  The bond market is very interesting here, as it is suggesting a short-term peak in inflation has likely occurred.  Several friends in the oil business in Texas have indicated to me that there is little to no incentive to drill, even though some of the onerous environmental regulations have been relaxed.

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