CPI report leads to extreme volatility in gold’s first 15 minutes of NY trading kitconews gold silver finance investing mining metals economics
Today's CPI report revealed that inflation continues to run exceedingly hot at 9.1%, a level not seen since November 1981. According to the U.S. Bureau of Labor Statistics,"The Consumer Price Index for All Urban Consumers increased 1.3 percent in June on a seasonally adjusted basis after rising 1.0 percent in May, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 9.1 percent before seasonal adjustment.
Headline inflation had a substantial increase well above forecasts from economists polled by the Wall Street Journal. The Wall Street Journal poll concluded that inflationary pressures last month would increase by 8.8% far below the actual numbers. That being said, the Federal Reserve is on track for a much larger rate hike than anticipated yesterday. Yesterday the CME's FedWatch tool said that there was a 92.4% probability that the Federal Reserve would raise rates by 75 basis points and a 7.6% probability that the Federal Reserve would raise rates by 100 basis points at the next FOMC meeting on July 26 -27.
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