“It doesn’t feel like we’re in for a major announcement that shocks the U.S.
“Nuance matters though, and single words move markets – or in the case of the June FOMC it was the projections for the fed funds rate – the ‘dot plot’ – which kicked some volatility into markets, with calls for two hikes in 2023.
“Gold prices are struggling to firm despite crumbling real rates.
“Gold has seen some short-term volatility.
And we had a bit of an uptick in interest rate.
When we get on the other side of the ‘transitory inflation,’ longer-term price pressures might still be above the Fed’s target.