Changing expectations of the Fed's forward guidance pressure gold lower
The Federal Reserve first spoke about its forward guidance at last year’s Jackson Hole Economic Symposium. Specifically, it was Chairman Powell’s keynote speech that delivered the blow to the American public about its intent to raise rates and keep those elevated rates in place until the Fed hits its 2% inflation target.
Although the Federal Reserve has maintained its policy, it was market participants' expectations that have recently shifted from disbelief to an acceptance that the Fed will not likely back off its extremely hawkish monetary policy. This includes continued rate hikes and maintaining those elevated rates throughout the year.
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