US CPI Number? Lets see What Crude Is Telling us... Crude Oil FuturesNYMEX_DL:CL1!ew-forecastToday is the US CPI one of the most important events before the Fed’s next move I’ve often used the relationship between US CPI and Crude oil, and it has been a reliable guide many times before. Key points 👉Crude was down -8.5% in August → we may see a suprise with lower CPI 👉 Official expectations are for higher CPI: from 2.7% to 2.9% y/y → risk of a miss 👉Even if CPI hits 2.9%, dollar may not rally far → because its expected number 👉Dollar bottomed in Sep 2024 after Fed made 1st cut in while→ weak USD risk remains till FED cuts, then reversal