Notes on the Week Ahead
Notes on the Week Ahead
Dr. David Kelly
Oil, Inflation and the Fed: The Slide and the Rollercoaster
9 minutes Posted Oct 27, 2025 at 10:00 am.
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This quarter, we dropped the oil page from our Guide to the Markets.
There are always exactly 65 pages in the Guide, so when we want to add a page, we have to get rid of one. The process is, unfortunately, democratic, so when my younger colleagues wanted to add pages illustrating U.S. equity market concentration (page 10), the AI capital spending boom (page 22) and dollar weakness and international equity outperformance (page 43), I had to surrender the oil page.
But I did so with all the foreboding of well-grizzled experience.