There was a reversal of fortunes on Friday, as the NY Fed clarified comments from their President John Williams the day before. NAB’s Rodrigo Catril explains to Phil Dobbie how it was all taken out of context. So, does that mean a half percent cut from the Fed next week is now off the table? And what about the ECB – they meet this week and their economy is faring somewhat worse than the US. And it seems the Iran situation can no longer be ignored, with their flag now flying on a UK oil tanker. Can we expect a volatile week for oil prices, or are supply fears less important when demand is expected to fall anyway?