Gold price (XAU/USD) strengthens this week as the rally in US Treasury yields halts amid fading hopes of more interest-rate increases from the Federal
is expected to explain the benefits of keeping rates higher for longer and he is also likely to avoid supporting further policy-tightening in the absence of encouraging economic data. Before the Jackson Hole event, investors will keep an eye on preliminary S&P GlobalDaily Digest Market Movers: Gold price awaits Jackson Hole event for further action
Richmond Fed Bank President Thomas Barkin said the recent moves in bond yields are not a sign of inappropriate market tightening but rather likely a response to strong economic data. Market participants expect that Fed policymakers will have to spend more blood and sweat to shred the ‘last mile’ of inflation, which is the remaining path towards the desired rate of 2%. Therefore, the Fed is expected to keep interest rates higher for longer.
After the preliminary S&P Global PMI, investors will shift their focus to the Durable Goods Orders for July, which will be released on Thursday at 12:30 GMT. Orders are expected to contract by a sharp 4.0%. In June, Durable Goods Orders expanded by 4.6%. US National Security Adviser Jake Sullivan said on Tuesday that US Commerce Secretary Gina Raimondo will travel to China next week with a message that the US is not seeking to decouple from China, reported Reuters.Gold price attempts to deliver a break of the consolidation formed in a range of $1,885-1,900 in the past week. The precious metal rebounds after hitting a fresh five-month low near $1,885.00.
The FOMC is attended by twelve Fed officials – the seven members of the Board of Governors, the president of the Federal Reserve Bank of New York, and four of the remaining eleven regional Reserve Bank presidents, who serve one-year terms on a rotating basis.In extreme situations, the Federal Reserve may resort to a policy named Quantitative Easing . QE is the process by which the Fed substantially increases the flow of credit in a stuck financial system.
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