As investors processed cautious remarks from Federal Reserve Chair Jerome Powell over when the central bank might next lower U.S. interest rates, the dollar increased and gold prices decreased, while MSCI’s global equities index remained nearly unchanged on Wednesday. Powell emphasized the need for policymakers to weigh the dual risks of high inflation and a weakening jobs market in its upcoming monetary policy choices in his first comments since the Fed meeting concluded with a rate drop last week. However, according to the CME Group’s FedWatch program, traders were still pricing in a rate cut for October.
Trump criticized Western countries for their immigration and climate change policies, telling leaders that “your countries are going to hell” during a speech to the U.N. General Assembly in which he denounced efforts by allies to recognize a Palestinian state. While safe-haven gold prices marginally declined from their Tuesday record highs, Wall Street stocks scarcely moved from their Monday record highs.
Gold is still processing the geopolitical tensions with Russia as well as some of the remarks made by the Federal Reserve yesterday. According to Phillip Streible, chief market strategist at Blue Line Futures, “it’s finding some support here, but a little cautious ahead of some economic data coming out.
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