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Commodities and crypto continue to trade higher during price inflations

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Commodities such as wheat and oats are experiencing a new wave of price inflations, coinciding with cryptocurrency trends. Yahoo Finance's Jared Blikre reports from the trading floor.

Video transcript


- Welcome back to Yahoo Finance Live. We're a few minutes into the trading day today and stocks are trading sideways. That drift seems to be kicking in a little early this week ahead of that Fed decision tomorrow. We've got Yahoo Finance's Jared Blikre here with us on the floor of the New York Stock Exchange to break it all down. And Jared, what are you watching this morning?

JARED BLIKRE: Well, indices are admittedly quiet like you're saying maybe a little bit of FOMC drift into tomorrow. That's where the stocks just kind of glide a little bit up. Sometimes they just meander around, not really doing anything. But we do have a lot going on underneath the hood. And you guys have been doing a great job of breaking down earnings.

So I just want to transition to commodities because under the radar here, they have really been perking up. Andy Serwer, our editor in chief writing about this over the weekend and we got a great infographic that we've been tweeting. And in the story, everybody should check it out because, guess what, they're perking up again commodities. We have oats at record high. We have wheat at a seven or eight year high, and no stopping it.

When you look at some of the crop conditions and also the supply shortages, the transportation issues, the shipping issues, kind of a perfect storm here for continued price inflation. So no transitory on what I'm calling the second wave of this commodity push price inflation. So also, I want to mention Tesla-- that tweet by Elon Musk about hurt. Really interesting. Seems like just part of a deal or negotiation process. Kind of reminds me of Donald Trump.

Not saying there's anything wrong with that, the man knows how to negotiate, but that's the way I'm seeing that Tesla-Hertz deal right now. And Brian, you got some legitimate questions about this. My question is-- how is Hertz gonna pay for it? You're saying, how is Tesla gonna service the vehicles? I think there are huge questions unanswered. It's very aspirational, doesn't mean it can't get done, because we've seen Elon Musk pull out some rabbits from the hat before.

- Absolutely, Jared. And I know one other area of the market that you're watching this morning is on ,mod, or not commodities rather, but on Bitcoin, on cryptocurrencies. We are seeing that trading higher this morning. What are the details there?

JARED BLIKRE: Well, the details are-- I'm just talking about the chart price action right now. I don't think there's a lot of fundamental news or macro news guiding crypto prices right now, other than the narratives that we've been seeing. We got that interesting report on stablecoins yesterday. I don't see that as moving the needle for Bitcoin or Ethereum, but just kind of points to the seriousness with which the regulators are taking cryptocurrency right now.

And this was this report-- still referring to the stablecoins report, is from the president's working group on financial markets a.k.a. the plunge protection team. There is a lot of history there. But basically they came about in the wake of the 1987 crash and this is the head of the SEC, the CFTC, I believe the Fed, and you got a bunch of regulators and they're just putting their heads together trying to get things done.

I don't know if they do, but it just shows you the seriousness with which they're looking at the crypto space. So Bitcoin above 63,000. This is a key level. I like it here. A few days ago, we bumped off or we jumped off the 20 day moving average. So the technical is looking pretty good. I would have thought by now that we'd be a bit higher. So, I'm not sure what the next catalyst is going to be, but I'd say as long as the US dollar doesn't get too strong, Bitcoin has a chance of materially higher highs here.

- All right. Yahoo Finance's Jared Blikre, thank you so much.

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