Rolling coverage of the latest economic and financial news
Gold has hit a new high around $4.600 an ounce; it’s up over 1.5% today, pushed up by the weaker dollar.
The US dollar has dropped on the foreign exchange markets since news of the investigation into Powell hit the wires.
Powell highlighted that the key issue is whether the Fed can continue setting interest rates based on economic data and evidence, or whether monetary policy will be directed by political pressure.
I’m afraid we may be moving toward the second scenario. If the Fed becomes a political tool, with its chair replaced by a government puppet, that could further weaken appetite for the U.S. dollar and U.S. bonds.
Continue reading…Rolling coverage of the latest economic and financial newsJustice department opens investigation into Jerome Powell as Trump ramps up campaign against Federal ReserveGold has hit a new high around $4.600 an ounce; it’s up over 1.5% today, pushed up by the weaker dollar.The US dollar has dropped on the foreign exchange markets since news of the investigation into Powell hit the wires.Powell highlighted that the key issue is whether the Fed can continue setting interest rates based on economic data and evidence, or whether monetary policy will be directed by political pressure.I’m afraid we may be moving toward the second scenario. If the Fed becomes a political tool, with its chair replaced by a government puppet, that could further weaken appetite for the U.S. dollar and U.S. bonds. Continue reading…
