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On May 17th, according to the Financial Times, two Federal Reserve officials nominated by US President Trump opposed allowing Jerome Powell to serve as interim chairman of the Fed "without time limit." This highlights the escalating political divisions within the central bank amid continued attacks from the White House. Powells second term as Fed chairman ended on Friday. He was appointed interim chairman to assume the duties until his official successor, Warsh, takes office. Milan and Bowman, nominated by Trump to the Feds board of governors, stated in a joint statement that they supported Powells temporary appointment as interim chairman, but "could not support this action" because the arrangement was "without time limit." Milan voted against it, while Bowman abstained. Milan and Bowman stated that Powells interim chairmanship "should be limited to a clearly defined and finite timeframe, at least one week," but they "can support a maximum period of one month."On May 17, the Africa Centres for Disease Control and Prevention (Africa CDC) convened an emergency regional coordination meeting on May 16, local time, to discuss and deploy a new round of Ebola prevention and control efforts with relevant personnel from the Democratic Republic of Congo, Uganda, South Sudan, the World Health Organization, and the African Medical Association. The meeting focused on current priorities, including cross-border surveillance and early warning management, infection prevention and control, case management, close contact management, logistical support, and resource mobilization.On May 17, US President Trump warned Iran that it would face a "very bad situation" if a peace agreement was not reached soon. In a telephone interview with French broadcaster BFMTV, Trump said, "They are interested in reaching an agreement." Iranian Foreign Minister Araqchi said on Friday that the Iranian government had received a message from the Trump administration indicating its willingness to engage in new negotiations, but he also warned that "distrust" of Washingtons true intentions remained.The Israeli military says it attacked 100 targets in southern Lebanon in two days.Pemex, Mexicos state-owned oil company, stated that the incident posed no risk to people, facilities, or communities.

Gold Price Prediction: XAU / USD Bulls encounter resistance, while bears eye trendline support

Alina Haynes

Mar 13, 2023 11:24

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Gold price was approximately 0.5% higher at the start of the week following a 2% increase in the first hour of Tokyo trade on Friday, and as US authorities announced plans to limit the repercussions from the failure of Silicon Valley Bank (SVB). Gold is currently trading at $1,878 and ranges from $1,867.03 to $1,894.68 at the time of writing.

 

In a joint statement, the US Treasury and Federal Reserve announced a number of measures to stabilize the banking system and announced that depositors at SVB would have access to their funds on Monday. The Biden administration on Sunday guaranteed that customers of the failed Silicon Valley Bank will have full access to their funds beginning Monday. Treasury Secretary Janet Yellen, Federal Reserve Chair Jerome Powell, and Federal Deposit Insurance Corporation Chairman Martin J. Gruenberg stated in a joint statement on Sunday that the FDIC will compensate SVB and Signature's customers in full.

 

Investors hypothesized that the Federal Reserve would be reluctant to upset the boat by increasing interest rates by a massive 50 basis points this month, resulting in a weaker US Dollar. Fed fund futures surged in early trading, implying only a 17% chance of a half-point hike, down from 70% before the SVB announcement last week. The apex for rates was 5.14%, down from 5.69% last Wednesday, and markets were even pricing in rate cuts by the end of the year. In a move that has benefited the price of gold, yields on two-year Treasuries fell to 4.445%, well below last week's peak of 5.08%.

 

In the meantime, speculators will focus on the US Consumer Price Index data that will be released on Tuesday. Even though the financial system is under stress, there is the possibility of a more aggressive Federal Reserve if the data comes in strong. ´´Core prices likely gained momentum in February with the index increasing a robust 0.5% MoM, as we look for the recent substantial relief from goods deflation to start normalizing,´´ analysts at TD Securities explained. "Shelter inflation is likely to remain the most significant wild card, while a decline in petroleum and food prices will likely reduce non-core CPI inflation. Our m/m forecasts imply total/core price growth of 6.1%/5.5% YoY.

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