GoldFix PM:
Housekeeping: This is the PM GoldFix post combining AM emails with additional intraday posts.
Contents
Morning Rundown:
Macro-Economics/Commodities:
Geopolitics/Elections:
Founders:
GOLDFIX Intraday Chat
Market Recap as warranted
Morning Rundown:
Macro-Economics/Commodities:
Geopolitics/Elections:
Founders:
GOLDFIX Intraday Chat:
Community comments and insights…
Market Recap:
Keeping it simple: Powell did not change rates (as expected). The Dot plot was the most important thing as assumed. There was a decided shift in the voters towards only one cut this year. This was accompanied by conference commentary that he was more concerned about stagflation than he was prior. They raised their inflation expectations, albeit temporarily. They lowered their economic conditions somewhat as well, signaling stagflation concerns. These data changes justified their position to cut less, not more. Overall he was more hawkish than not. In conclusion, he has begun to pick from either 1) removing the word uncertainty versus 2) reducing the number of cuts to one cut.
Today’s meeting was bearish. However, he doesn’t seem exactly sure of his position yet.
Good Night