Housekeeping: Good Morning
Featured Analysis:
Gold Leaves the West- Central Banks Accelerate the Repatriation Trend
Central banks are increasingly moving gold reserves out of traditional storage hubs in London and New York, reflecting growing concerns about geopolitical risk, sanctions exposure, and maintaining uninterrupted access to sovereign assets.
According to the latest annual survey published by the World Gold Council, fewer central banks report storing gold in London and New York than a year ago, while a rising number say they have increased domestic storage or diversified where their bullion is held. The findings were first reported by the Financial Times and are based on responses from 76 central banks collected between February and May.
In Other News:
Fed Holds Rates Steady, Dot Plot Turns Hawkish in First Warsh-Led Meeting
The Federal Reserve left interest rates unchanged at 3.50%-3.75% in Kevin Warsh's first meeting as chair, but the message was unmistakably hawkish. Policymakers sharply reduced expectations for rate cuts, raised inflation forecasts, and shifted the dot plot toward potential rate hikes, signaling renewed focus on price stability over easing.
Data on Deck: FOMC
MONDAY, JUNE 15
No major US releases
TUESDAY, JUNE 16
No major US releases
WEDNESDAY, JUNE 17
8:30a Core Retail Sales m/m (prev 0.7% → est 0.5%)
8:30a Retail Sales m/m (prev 0.5% → est 0.5%)
2p Federal Funds Rate (prev 3.75% → est 3.75%)
2p FOMC Economic Projections
2p FOMC Statement
2:30p FOMC Press Conference
THURSDAY, JUNE 18
8:30a Unemployment Claims (prev 229K → est 225K)
FRIDAY, JUNE 19
8a Bank Holiday
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