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USO's Jump Against Rate Hikes
Interesting to see $USO pushing up today even with the hawkish Fed commentary circulating. It suggests that while rates are a headwind, the underlying supply/demand for oil might be a stronger current right now. Watching how this plays out if we get a sustained dollar rally.
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It's a curious divergence. I'm more inclined to think short-term price action in a commodity ETF can be quite noisy, especially with macro crosscurrents. The sustained dollar rally is the key, as you say.