The equity market rebound on Wednesday, with the S&P 500 gaining more than 2.0% at the peak of the session. The move was sparked by good news in the bond markets that may be misplaced. The Bank of England says it will purchase bonds in whatever scale is necessary to stabilize the currency, which is good news for England. The risk for US investors is the FOMC will not be buying bonds anytime soon, and US interest rates are still on the rise.

Another driver of market action on Wednesday was a surprise draw in US crude and gasoline stockpiles ahead of Hurricane Ian. Ian has about 11% of the US production shut down, which will have an appreciable effect on supply and prices going forward. The takeaway is the decline in fuel prices that began in early June may be over. If oil prices begin to rise again, investors and consumers should brace for another systemic increase in inflation.