Higher Second-order effects of crude oil inflation: 1. Real interest rates trending downward 2. Inflation expectations rising, but the Fed isn't signaling rate hikes 3. Employment data shows a stable labor market 4. VIX, CVIX, MOVE entering a downward trend, capital flowing outward to participate in high-risk assets to outperform inflation rates Keep an eye on CPI next week, but it's unlikely to change the downward trend of real interest rates.