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Why Falling Oil Prices Won't Save America From Inflation

Don’t look to falling oil prices to stave off inflation now. Brent is down from above $100 to the low $90s; Saudi Arabia pumped 10.56 million barrels a day in October, back at pre-war levels and above its quota, and gasoline just posted its steepest one-day drop in 18 years. Consumer prices still rose an estimated 4% from a year earlier in October, with pump prices slightly lower, up from 3.7% in September, and core prices rose 0.3% in a single month. Expect the Fed to hike in December, but markets have already priced this in. October’s…