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Walmart (WMT.N) and Target (TGT.N) U.S. stocks rose slightly in the short term, with the declines narrowing to nearly 1%.On April 22, Ukrainian President Zelensky said that the Ukrainian delegation will hold talks with representatives of the United Kingdom, France and the United States in London on Wednesday. Ukraine is ready to push the negotiations forward with an attitude that is "as constructive as possible." The situation during the Easter period clearly showed that it was Russias actions that prolonged the conflict. He had a "good and detailed meeting" with British Prime Minister Sunak.On April 21, the U.S. stock market plummeted, and U.S. President Trump continued to criticize Powell on Monday, calling on the Federal Reserve Chairman to cut interest rates. There are increasing signs that Trumps trade war is pushing the U.S. economy into recession. The dollar fell along with long-term U.S. Treasury bonds. Trump said on his social media site that he was in favor of "preemptive interest rate cuts" and willfully called the Federal Reserve Chairman a "loser." Since last week, Trump has been "bombarding" Powell one after another, which raises a question: Can the Federal Reserve remain independent and not be influenced by politics? This is about peoples confidence in the U.S. financial market. Joe Saluzzi, co-manager of the institutional trading department, said, "The market does not want the independence of the Federal Reserve to be challenged. The market can at least try to predict what an independent Federal Reserve will do. If the independence of the Federal Reserve is challenged, more unstable (unpredictable) decisions may be made. The market does not like unpredictability."April 21, U.S. long-term Treasury yields rose on Monday and the dollar resumed its decline after White House economic adviser Hassett said Trump and his team are continuing to study whether to fire Federal Reserve Chairman Powell. The remarks have raised concerns about the independence of the Federal Reserve. The market also believes that this issue may lead to rising inflation. "The monetary policy consequences of Trumps tariff plan put monetary policymakers in a dilemma because tariffs are expected to change the economic trajectory and deviate the Fed from its two long-term goals," said Ian Lingen and Will Hartman, interest rate strategists at BMO Capital Markets. "There is a sense that the inflation task in the Feds dual mission has once again become a clearer priority. Powell not only went out of his way to emphasize that price stability is a prerequisite for maximum employment, but also continues to use relatively strong language on the price stability target rather than maximum employment." At the same time, Will Componol, a macro strategist at FHN Financial, warned that if Trump fired Powell, U.S. Treasury yields could rise sharply. “The importance of central bank independence in anchoring markets’ long-term inflation expectations cannot be overstated,” he said. “The topic has driven investors away from U.S. assets at the margin, but if markets perceive a real risk to the Fed’s credibility, long-term yields will surge, not just by a few basis points.”Trump: I dont know if I will attend Pope Francis funeral.

Copper Prices Rise on Escondida Strike, While Gold Prices Remain Stable

Skylar Williams

Sep 09, 2022 10:41

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Copper was poised for a large weekly rise due to supply concerns stemming from a strike at Chile's Escondida mine. Gold prices climbed above their weekly lows on Friday as investors absorbed recent assertive comments from the Federal Reserve.


Copper prices increased by more than 4% on Thursday following a strike vote by unionized workers at the world's largest copper mine, Chile's Escondida, citing safety concerns. Copper is on track for a weekly increase of more than 4 percent as a result of these gains.


The mine, which is majority-owned by BHP Group (NYSE:BHP), is one of the largest copper-producing facilities in the world. The employees of the mine have indicated that they will commence partial work stoppages the next week, followed by a complete shutdown in late September.


In 2017, a 44-day strike at the mine severely restricted the world copper supply, resulting in skyrocketing prices.


Copper futures were steady on Friday. Fears of a reduction in copper demand in China, the world's top copper importer, have precipitated a precipitous drop in copper prices this year.


According to figures released earlier this week, China's commercial activity fell in August, but copper imports remained unchanged. However, as economic growth slowed, traders feared a future drop in demand.


Due to the Federal Reserve's forceful pronouncements, gold prices remained stable on Friday but lost their weekly gains.


Spot gold climbed 0.1% to $1,710.25 per ounce at 19:22 ET (11:22 GMT), while gold futures inched up to $1,721.15 per ounce. It was anticipated that both assets would lose around 0.1% for the week, marking their fourth consecutive weekly decrease.


Gold prices dipped on Thursday as Fed Chair Jerome Powell reaffirmed the central bank's aggressive stance at the Cato Institute's annual monetary conference. Powell stated that the Fed will continue to aggressively tighten monetary policy until the inflation rate reaches the target of 2%.


Despite pressure from the euro as a result of a larger-than-expected rate hike by the European Central Bank, his comments held the dollar close to its 20-year highs.


As a result of Powell's comments, traders' expectations that the Fed will raise interest rates by 75 basis points this month have grown. The markets are currently pricing in a growth probability greater than 85 percent.


This week, gold prices approached their lows for 2022 as a rising dollar and interest rates dampened the yellow metal in response to expectations of a hawkish Federal Reserve. It is anticipated that this pressure would persist as long as the Fed continues to boost interest rates.

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