Central Banks doing all sorts of moves. Just about every central bank raising rates except Japan which intervened instead. China, on the other hand, is looking better.
The overall trend in stocks looks like a bear market, the bear market rally has appeared to have topped and working on a new lower-low. There will be convincing rallies..
No surprise by the Fed yesterday. The dot plot calls for 1 to 1.25% rate increase this year. If inflation sticky then 2023's 1/4 point increase expectations will be more. Powell is fighting..
In the big picture, it won’t matter what Jay says or does today; US rates appear to be heading far higher (and rightly so) than most investors think is possible.
Gold still facing lots of pressures. Selling embedded has not happened yet, will it happen today? The downtrend is intact until $1,688 is taken out. FOMC is in focus today..
It is quite possible that the gold price will continue dropping due to the risk of credit collapse and the possibility deflation (see Effect Of Deflation On the Gold Price). To a lesser extent, any moderation in the effects of inflation...
If the Federal Reserve once again makes interest rate hikes dependent on data, then I will bet on a 0.25% to 0.50% hike in November followed by a pause.
