© Reuters
Investing.com – Markets were in a state of anticipation and anxiety ahead of Chairman Jerome Powell’s recent speech. Gold trading has been dominated by a state of aimless see-saw volatility as the dollar has now continued its gains which have extended since the start of morning trading.
However, his statements didn’t add much, as markets held steady with no major moves on the impact of these statements, compared to pre-speech levels.
Powell’s remarks some time ago
In a speech to the Swedish Riksbank, US Federal Reserve Chairman Jerome Powell noted that price stability requires tough decisions that could be politically unpopular.
Speaking on Tuesday, the Fed chair stressed the need for the central bank to be free from political influence when dealing with persistently high inflation.
“Price stability is the cornerstone of a healthy economy and provides immeasurable benefits to the public over time. But restoring price stability when inflation is high may require uncommon short-term action as we ramp up to slow the economy “Powell said.
He added: “The absence of direct political control over our decisions allows us to take these necessary steps without regard to short-term political factors.”
Powell’s remarks came at a forum to discuss central bank independence and were to be followed by a question-and-answer session.
The letter did not contain any direct hints about what policy awaits the Federal Reserve, which raised interest rates seven times in 2022, totaling 4.25 percentage points, and indicated that more hikes are likely to come this year. .
markets now
Wall Street opens
On Tuesday, the two indices and the Nasdaq Composite opened trading on Wall Street, down slightly.
The Standard & Poor’s 500 index started trading down 3.52 points, or 0.09%, to 3,888 points.
The Nasdaq Composite fell 27 points, or 0.26%, to 10,607 points on an opener.
The industrial index has stabilized with no gains or losses at the time of writing, at 33,534 points.
gold now
It has stabilized in these moments at levels close to 1,880 dollars an ounce, with a slight increase of 0.2%.
Futures on the yellow metal instead rose in these moments of today’s trading, to levels close to 1877 dollars an ounce.
dollar now
It has surged in the current moments, to now reach 103 points, up 0.2%.
oil now
It climbed 0.5% to $80 a barrel levels.
Nymex crude rose 0.6% to $75 a barrel levels.
