Solid price gains for gold, silver on less-hawkish Fed gold silver lesshawkishFed
Welcome to Kitco News' 2023 Outlook Series. Uncertainty continues to dominate financial markets as central bank monetary policies push the global economy into a recession to cool down inflation. Stay tuned to Kitco News to learn from the experts on how to navigate turbulent financial markets in 2023.
The marketplace is still digesting Wednesday afternoon's FOMC statement and Fed Chair Jerome Powell's press conference. The Fed raised the Fed funds rate range by 0.25%, as widely expected. However, Powell's remarks at his presser led the marketplace to believe the Fed is close to ending its string of interest rate increases. Powell said inflation is receding but needs to pull back farther. He mentioned the word"disinflation" as characterizing the present U.S.
Today is the regular monetary policy meetings of the European Central Bank and the Bank of England saw both central banks raise their main interest rates by 0.5%. The moves were not unexpected. The key outside markets today see the U.S. dollar index a bit weaker and hit a nine-month low overnight. Nymex crude oil futures prices are a bit weaker and trading around $76.25 a barrel. Meantime, the yield on the benchmark U.S. 10-year Treasury note is presently fetching 3.409%.
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