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Based on a Reuters poll, experts said that the US Federal Reserve will raise interest rates in the third quarter of the next year 2022, earlier than expected (in the fourth quarter) a month ago.
Experts believe that the reason for this early change of the US Federal Reserve is the continued high inflation, which finally brought economists’ views in line with market prices.
The survey predicts that the US Federal Reserve will raise rates by 25 basis points to 0.25-0.50% in 2022, with three more Fed hikes in 2023.
Oil prices retreated, giving up their previous gains on Thursday after some governments imposed measures to limit the spread of the Omicron strain of the Coronavirus. Still, positive statements made by vaccine manufacturers about their effectiveness in protecting against the new mutation were limiting losses.
Brent crude futures fell 47 cents, or 0.6 percent, to $75.35 a barrel by 1004 GMT, after rising to $76.70 a barrel.
US West Texas Intermediate crude futures fell 31 cents, or 0.4 percent, to $72.05 a barrel, after hitting the highest level during the session at $73.34 a barrel.
