This was a big week for connected events. The increase in the CPI was a surprise to the disinflation crowd that’s been screaming for lower interest rates for almost two years. Higher CPI leads to higher for longer interest rates which pushes up the dollar against the yen.
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Houston-based Occidental Petroleum said it will purchase CrownRock in a $12 billion deal. It expects the transaction to close in the first quarter of 2024.