High oil prices are a blade: they cut into corporate profits, dull the expectations for rate cuts, and leave the Fed only able to keep pretending to be asleep.

Coin World News reported that the investment firm Summit Place Financial Advisors said that the market expects overall corporate performance in the second quarter to be good, but investors will focus on how high oil prices affect corporate costs, profit margins, and product prices. The firm added that the inflationary pressure caused by rising energy prices may take several months to fully pass through, and that the Federal Reserve has limited room to cut interest rates in the near term, which may lead it to continue to wait and see.