Wednesday, 18 October, 2017

Gold at highest level since June as markets bet on patient Fed

Wide-Spanning Market Implications When Fed Changes Its Tone Fed policy meeting in focus this week
Mae Harvey | 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 market indexes 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.

Boy Scouts organization should disavow president's remarks
The jamboree drew about 35,000 Scouts from the ages of 12 to 18 to the latest event , held in Glen Jean, West Virginia . The moral of Trump's tale was that the billionaire "lost momentum", something he said they should never do.

Ledecky touched out in World Championships
Katie Ledecky suffered her first individual loss at a major global meet on Wednesday at the hands of Italy's Federica Pellegrini . Katie Ledecky has made history at the world championships, and she's not done yet. "This is my last 200 metres freestyle race".

Barnes & Noble shares soar as investor agitates for a sale
Finally, Aperio Group LLC raised its position in Barnes & Noble Education by 1.3% in the second quarter. They expect $-0.66 earnings per share, down 17.86 % or $0.10 from last year's $-0.56 per share.

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.

However, in the absence of any signs of inflation pressure, the FOMC chose to hold off on raising the key lending rate as a further sign of the U.S. economy improving.

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