There have been 10 U.S. recessions since 1954—all 10 of these recessions were preceded by rising short-term rates. Since 1946, there have been 12 recessions. Of these, 11 were preceded by oil price shocks.    

“When energy prices spike or when the cost of money spikes, these things don’t happen in a vacuum,” explains Josh Steiner in this clip from The Call @ Hedgeye. “All of these things are pretty textbook through the lens of history.” 

Click above to watch the full clip. 

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