2 replies to this topic

[Rogerdodger]

‭Volatility fuel for traders:
Kitco News

 

"Focus is on Fed Chairman Jerome Powell’s testimony on U.S. monetary policy to Senate and House committees on Tuesday and Wednesday. Then comes the February U.S. employment situation report from the Labor Department on Friday morning. The key non-farm payrolls component of the report is expected to show a rise of 225,000 jobs, following a mammoth rise of 517,000 in the January report.

In overnight news,

China set a 5% target for its economic growth in 2023, which is the lowest forecast in over 25 years. That set a very slightly negative tone for the stock, financial and commodity markets to start the trading week."

 

[pdx5]

I am guessing C-SPAN will carry Powell's senate grillng?

[Rogerdodger]

(Kitco News) - The gold market tumbled as Federal Reserve Chair Jerome Powell told U.S. lawmakers that interest rates are likely to be higher than previously thought.

"The latest economic data have come in stronger than expected, which suggests that the ultimate level of interest rates is likely to be higher than previously anticipated," Powell testified in a hearing before the Senate Banking Committee.

Gold dropped immediately in light of Powell's comments, with April Comex gold futures last trading at $1,827,40, down 1.47% on the day.

Powell pointed to a tight labor market, solid consumer spending, manufacturing production, and higher-than-expected inflation data.

 

POWELL LIVE on YOUTUBE:

https://www.youtube....s?feature=share

Edited by Rogerdodger, 07 March 2023 - 12:00 PM.