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On June 16, Paul Eitelman, global chief investment strategist at Russell Investments, said that U.S. Treasury yields are already at an attractive level, with 10-year Treasury yields currently above the agencys estimated fair value. Compared to our fair value estimate of 4.1% for 10-year Treasury bonds, the current U.S. Treasury yield is quite attractive. Russell Investments baseline forecast believes that U.S. economic growth and potential inflation will gradually slow, a trend that will eventually support the Feds resumption of its interest rate cut policy. According to Tradeweb data, U.S. Treasury yields fell last Friday (due to Israels attack on Irans nuclear facilities), and currently all yields are slightly up.June 16, Russell Investments analyst Paul Eitelman pointed out in a report that the Federal Reserve may keep interest rates unchanged throughout the summer due to the impact of tariffs and geopolitical risks. The global chief investment strategist said: "Fed Chairman Powell may continue to be vigilant about the risks posed by tariffs and emerging conflicts in the Middle East." He said that the Fed believes that tariffs will pose a downside risk to the economy, but this weakness has not yet appeared in the data, and inflation has remained stable. Eitelman said: "We expect one, perhaps two rate cuts before the end of this year."Sources: An Air India Boeing 787-8 Dreamliner en route from Hong Kong to Delhi was forced to turn back as the pilot suspected a technical problem in the air.Iranian President Pezerhizzian: We must unite against the genocidal aggression of the Israeli regime.On June 16, local time, Iranian Parliament Speaker Qalibaf said that with the support and connivance of the US government, Israel has committed new crimes against Iran. Iranian people of all nationalities and political positions have now united to fight the enemy. Qalibaf said that a large part of the enemys attacks did not come from external military operations, but were carried out by infiltrators within Iran. It is reported that Iran recently executed a person who was accused of spying for Israeli intelligence agencies.

Gold And Copper Prices Decline Before The Fed Meeting

Skylar Williams

Feb 01, 2023 14:59

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As markets expected fresh monetary policy signals from a series of major central bank meetings this week, beginning with the Federal Reserve later in the day, gold and copper prices declined modestly on Wednesday.


The Federal Reserve is widely anticipated to increase interest rates by 25 basis points later today. However, the central bank's perspective on monetary policy will be keenly monitored, as investors await Chair Jerome Powell's response to recent signs of strength in the U.S. economy and a recent rebound on global financial markets.


Gold got off to a solid start in 2023, gaining 5.7% in January on mounting wagers that the Federal Reserve will moderate its hawkish posture in the coming months. The yellow metal also benefited from a surge in demand for safe-haven assets as fears of an impending global recession grew.


Spot gold declined 0.1% to $1,926.94 per ounce, while April gold futures fell 0.2% to $1,940.10 per ounce as of 19:20 EST (00:20 GMT). Gold prices have risen dramatically over the previous three months, but their next move will likely be dictated by the Federal Reserve.


In anticipation of the central bank, metal markets have been more cautious in light of the recent rally. During the last three trading sessions, gold has moved less than 0.3% in each direction.


Other precious metals also declined in value. Futures for platinum lost 0.3% to $1,017.15 per ounce, while futures for silver fell 0.4% to $23.742 per ounce.


This week, the dollar stabilized after recent losses, further squeezing commodity markets. Both the European Central Bank and the Bank of England are expected to raise interest rates by 50 basis points each on Thursday.


Copper prices declined in expectation of additional signs of economic improvement in China, the largest importer of the red metal in the world.


In early Wednesday trading, the price of futures for high-grade copper slipped 0.2% to $4.2165 per pound.


The price of the red metal increased on Tuesday following the release of government statistics indicating that Chinese economic activity revived substantially in January after the country softened its tough anti-COVID rules.


Now, the markets are awaiting statistics from the private sector to corroborate this trend.


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