Gold price rallies $33 ahead of Fed decision, gets ready to test all-time highs Fed gold economy
Whether or not gold tests its all-time highs this week depends on the Federal Reserve's messaging on Wednesday, according to analysts.
"Even without a rise in the unemployment rate, labour market conditions are nevertheless easing and are consistent with a more marked slowdown in wage growth soon," said Capital Economics chief North America economist Paul Ashworth. "During the GFC, >150 banks went out of business vs 'only' 4 failures today, but those bank failures today already equate to all the assets financial institutions held during the 2008-09 banking," said MKS PAMP's head of metals strategy Nicky Shiels."More bank failures and thus more policy backstops & bailouts accelerates the 60/40 portfolio rethink and the need for some alternative asset exposure.
The 0.25% rate hike on Wednesday will take the fed funds rate to 5.00-5.25%, which is a symbolic range, said ABN AMRO's senior economist Bill Diviney.
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