Every party has a pooper…
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That’s why we invited you! Jerome Powell! That’s you!
On Wednesday, the Federal Open Market Committee (FOMC) had their interest rate announcement and it was a quarter of a point reduction of the Fed Funds Rate to 3.75-4%. This is the second interest rate reduction this year.
Then he put his pooper hat on in his press conference by saying future cuts “far from certain”.
The initial reaction in the metals and stock markets was positive. Then he spoke and those markets reversed. Gold was down 2.75% for the week, silver was down .33% for the week and the Dow Jones Industrial Average (DJIA) had a small .75% gain for the week.
On the positive side for the metals, they have reverted more to the mean and have retraced about 75% of the distance between price and the 50-day moving average. I am seeing buy interest at these levels.
Until next time…
