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Gold prices remained steady at around $2,630 an ounce following a cease-fire agreement between Israel and Hezbollah, which reduced demand for safe-haven assets. The 60-day suspension of hostilities, anticipated by traders, contributed to a more than 3% decline in gold prices earlier in the week as investors await US economic data that may influence the Federal Reserve's interest rate decisions.
Bank of England Deputy Governor Clare Lombardelli emphasized the need for more evidence of declining price pressures before supporting another interest rate cut. In a recent interview, she also highlighted concerns about potential threats to UK growth from a global trade war, particularly in light of US President-elect Donald Trump's tariff threats against Canada, China, and Mexico.
A bearish sentiment is emerging in the interest-rate options market, indicating that traders expect Treasury yields to rise significantly in the near future. There has been notable demand for bearish hedges through put options on 10-year notes set to expire on December 27, with additional positioning in February options ahead of President-elect Donald Trump's inauguration.
French Prime Minister Barnier faces a potential government collapse as he seeks to pass his budget using a constitutional maneuver that could invite no-confidence motions. The far-right National Rally, led by Marine Le Pen, threatens to support such a motion unless Barnier abandons proposed tax increases and spending cuts. This political turmoil could trigger a eurozone crisis amid economic challenges in Europe.
President-elect Donald Trump has announced new tariffs on Mexico and Canada, alongside previously promised tariffs on China. The discussion centers on the potential impact of these tariffs on domestic prices and whether they will lead to significant inflation. Guest host Josh Oliver engages with economics commentator Chris Giles to explore these economic implications.
Trump's recent tariff threats have negatively impacted one of our stocks, yet the broader market remains unaffected. This development highlights the selective influence of political announcements on individual stocks compared to overall market performance.
President-elect Donald Trump has chosen Kevin Hassett to lead the National Economic Council, overseeing the administration's tax, trade, and spending policies. A veteran in conservative economic circles, Hassett previously served as a senior adviser and chaired the Council of Economic Advisers during Trump's first term, advocating for the administration's tax and tariff strategies.
Federal Reserve officials are poised for gradual interest rate cuts, confident that inflation is easing and the labor market remains strong. The FOMC unanimously lowered the benchmark rate to 4.5%-4.75% and anticipates further reductions, though uncertainty about economic conditions and the impact of upcoming fiscal policies complicates the outlook. Despite mixed signals on inflation, participants believe it will return to the 2% target, supported by factors like reduced business pricing power and a still-restrictive monetary policy stance.
Federal Reserve officials expressed a preference for a gradual approach to future interest-rate cuts, as the economy remains robust and inflation shows signs of easing. Minutes from the recent Federal Open Market Committee meeting indicated that if inflation trends toward 2% and employment stays strong, a shift to a more neutral policy stance would be appropriate over time.
Federal Reserve Bank of Chicago President Austan Goolsbee stated that it would be “perfectly sensible” for the central bank to slow the pace of interest-rate cuts as it nears a neutral monetary policy setting. He emphasized that determining what is neutral versus restrictive requires time to observe economic conditions, suggesting that a more measured approach is warranted.
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