Yellen remarks underline the pivotal role of oil prices

Despite the dovish spin put on Janet Yellen’s latest remarks, global markets will probably stillhave to contend with more Fed tightening this year. However, the prices of many commodities, including gold, should at least benefit from rising inflation risks. And while developments in the oil market are already pivotal for many other asset classes via their impact on commodity producers, their influence on inflation and inflation expectations may soon become increasingly important too.