The interviewee referenced an IEA forecast of a massive oil surplus in 2026 of 3.3 million barrels per day and bearish fundamentals for oil going into Q4 and 2026.
The interviewee states that the cooling labor market and inflation data in line with expectations support a 25 basis point Fed cut. The 10-year Treasury yield fell below 4%, indicating bond yields have moved down recently, but no explicit forecast was made by the interviewee.