Gold at highest level since June as markets bet on patient Fed
Gold at highest level since June as markets bet on patient Fed
Fed policy meeting in focus this week
28 July, 2017, 00:04
The central bank hiked its benchmark interest rate by a quarter-point to between 1 percent and 1.25 percent in June, the third such hike in six months, and investors expect another move in December.
The United States Federal Reserve - probably the most important central bank in the world - holds eight regularly scheduled policy meetings a year, and its fifth of the year is due to be held tomorrow and on Wednesday.
Professor of the RANEPA faculty of Finance, Money Circulation and Credit, Yuri Yudenkov, speaking to Vestnik Kavkaza, said that the US Fed will raise the rate again by the end of the year.
The main USA marketindexes were already trading higher before the Fed statement was released, thanks to upbeat earnings results from the likes of Boeing and Caterpillar. Fed watchers took this to mean that normalization could begin in September following the FOMC's next meeting. "The committee continues to expect that, with gradual adjustments in the stance of monetary policy, economic activity will expand at a moderate pace, and labor market conditions will strengthen somewhat further".
ThinkMarkets UK chief analyst Naeem Aslam said the fed fund rate now pricing only 45 per cent chance for another rate hike for this year.
Since then, however, some Fed officials have expressed concern about continued weakness in inflation. The Fed's preferred measure of underlying inflation dropped to 1.4 percent in May from 1.8 percent in February.
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In a statement the Fed said; "Inflation on a 12-month basis is expected to remain somewhat below 2 per cent in the near term, but should stabilise around the FOMC's 2 per cent objective over the medium term".
Too-low inflation can slow economic growth by causing people to delay purchases if they think they can buy a product for a lower price later.
Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, has been most vocal in warning that the Fed may be raising interest rates too quickly. But with the Fed under no immediate pressure to act, policymakers are likely to adopt a wait-and-see posture. However, in her semi-annual testimony before Congress earlier this month, Chair Janet Yellen appeared to change her tone, sounding more cautious about the inflation outlook.
Asian stock markets mostly rose on Wednesday, led by energy giants on rising commodity prices.
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Analysts polled by Zacks Investment Research forecast adjusted earnings of 41 cents per share and $5.05 billion in sales. I'm proud to be the CEO of this company and I'm looking forward to continuing on our journey ahead.
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