Oil Price Problem Won't Be Solved by Fed Rate Hike, Says Veteran Broker

A veteran broker is arguing that a Fed rate hike won't fix an oil price problem. According to Amir Nurani, owner of Left Coast Leaders in California, the current inflation driving rate fears is not something the Federal Reserve can fix.

Nurani said that raising rates into this environment isn't an adequate strategy because it doesn't calm down the oil market. He pointed out that when interest rates are raised, they don't slow down the price of oil.

With inflation remaining elevated due to high energy costs caused by the conflict in Iran, many market experts see a scenario where a Fed rate hike could be on the horizon. However, Nurani expects another rate hold from the Federal Reserve this week and doesn't see any cuts or hikes in the near future.