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The Bloomberg dollar index reversed earlier gains, while gold prices rose. Oil prices remained flat, and iron ore edged lower. The market's reaction to the $4.2 trillion triple-witching opex, including a significant amount of expiring options, will determine if the rally extends for a seventh day. Adobe shares rose after beating expectations, and Apple approached a record $3 trillion market capitalization.
Bundesbank President Joachim Nagel said it’s too soon to sound the “all-clear” on inflation even as the German central bank lowered its outlook for inflation through 2025.
The relentless rally in equities faces a fresh threat over the next few weeks with the world’s biggest money managers set to unload as much as $150 billion of stocks.
If you looked at red-hot stock markets without following central banks, you could well assume interest rates are being cut. The U.S. Federal Reserve this week paused its most aggressive interest rate rise cycle in decades, but laced the decision with a warning of more hikes to come.
Investor fears of mounting economic damage are threatening to overshadow the next round of interest-rate hiking all but promised by central bankers from Washington to Frankfurt.
Several major banks have cut their 2023 gross domestic product (GDP) growth forecasts for China after May data showed a post-COVID recovery was faltering in the world's second-largest economy.
China's National Statistics Bureau warned Thursday of "mounting pressure ... in domestic structural adjustment" in the world's second-largest economy. A slew of economic data from industrial production and fixed asset investment to retail sales and trade fell short of expectations, with China teetering on the brink of deflation as its post-pandemic economic recovery stalls.
Bank of Japan Governor Kazuo Ueda continued to defy global central bank trends by sticking with stimulus as he waits for signs of more sustainable inflation while his peers signal the need to raise interest rates further to rein in prices.
The European Central Bank will have to keep raising interest rates even after September if core inflation doesn’t slow down sustainably by then, according to Governing Council member Pierre Wunsch.
Global Markets Touch 14-Month Highs as Investor Concern Over Rate Hikes EasesJun 16, 2023 - 05:17:26 PDT
Global shares rose to 14-month highs on Friday as investors took the view that the Federal Reserve may not need to raise rates much more, while the dollar headed for its biggest weekly slide since January.
Mainstream Perception vs. Economic Reality: SchiffGold Friday Gold Wrap Podcast June 16June 16, 2023
There is the mainstream and market perception of what going on in the economy and financial system. And then there's the underlying economic reality. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey talks about the growing divergence between the two in the context of the June Federal Reserve meeting and the latest CPI data.
Jun 15, 2023 - 13:06:34 PDT
Gold price is expected to hit $2100 by end of 2023 with central banks continuing to boost gold reserves as dollar sanctions trigger a shift in long-term strategies on currency reserves amid “a colossal volume of $250 trillion unfunded liabilities” in the US, mounting geopolitical risks and inflation.
Gold Could Well Rally on Any Data Showing Inflation Pressures Are Easing: TDSJun 15, 2023 - 13:04:31 PDT
Given the world is looking like the Fed will not actually pull the trigger two more times, as suggested by the ‘meaningless’ median dots, our outlook for the yellow metal is positive.
U.S. dollar’s pullback provided material support to precious metals markets. From the technical point of view, gold has a good chance to test the resistance in the $1965 – $1985 range after an unsuccessful attempt to get below the support in the $1935 – $1940 area.
News here in the USA has been full of the latest farce known as raising or not raising the debt ceiling. After the usual dog-and-pony show, a budget deal was reached. But was it progress?
Thanks to the soaring price inflation of the last year, the Fed is now attempting to somehow "win" against inflation by doing the absolute bare minimum in terms of reversing its longstanding policy of forcing down interest rates again and again. Because easy money helps inflate asset prices and create economic bubbles, Wall Street—which is now thoroughly addicted to easy money—is hoping the Fed will soon return to ramming down interest rates yet again.
Defying the odds, the world’s biggest stock market has recouped all losses caused by the most disruptive monetary-tightening campaign in a generation.
Central Banks, Still Waiting for Relief on Inflation, Lean Higher on RatesJun 15, 2023 - 12:26:29 PDT
Two years into confronting rising inflation, the world's top central banks are still waiting for a decisive turn in their favor, with monetary policy continuing to edge ever tighter and policymakers promising they won't relent in defending their common 2% inflation target.
Realtor.com Reports Weekly Active Inventory Up 10% YoY; New Listings Down 22% YoYJun 15, 2023 - 12:14:28 PDT
Active inventory growth slowed again, with for-sale homes up just 10% above one year ago. The number of homes for sale continues to grow, but compared to one year ago, the pace is slowing. While today’s shoppers still have many more homes to consider than last year’s shoppers did, worries about high inflation, rising interest rates, and escalating home prices have caused many prospective buyers, especially more first-time buyers, to postpone their plans to purchase a home.
The Home Depot is cashing in on the tiny house craze as millions of Americans are priced out of homes due to the worst housing affordability crisis in a generation.