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On April 4, the Yangtze River Delta Railway ushered in the peak of passenger flow during the Qingming Festival. It is expected to send 4.1 million passengers today, 365,000 more than the same period last year, an increase of about 9.8%, and is expected to set a new record for single-day passenger volume. This years Qingming Festival railway transportation will start from April 3 to 7. The Yangtze River Delta Railway is expected to send 17.6 million passengers in 5 days, with an average daily passenger flow of 3.52 million, a year-on-year increase of 6.8%.The yield on the two-year U.S. Treasury note fell to a six-month low of 3.6550% and was last at 3.6611%.On April 4, local time on April 3, U.S. Secretary of Health and Human Services Robert Kennedy Jr. said that about 20% of the layoffs in the Department of Government Efficiency were wrong and needed to be corrected. The U.S. Department of Health and Human Services laid off about 10,000 people on the 1st. Kennedy said that people who should not have been laid off were laid off, and the department is restoring their positions. Kennedy said that canceling the entire lead poisoning prevention and monitoring department of the Centers for Disease Control and Prevention was one of the mistakes. At present, it is unclear what other projects Kennedy may plan to restore.Bank of Japan Governor Kazuo Ueda: Will consider the impact of food costs on consumers.On April 4, local time on the 3rd, the automobile company Stellantis said that due to the impact of the US import automobile tariff policy, the company decided to lay off 900 employees in its five US factories and suspend production operations at two assembly plants in Canada and Mexico. Antonio Filosa, Chief Operating Officer of Stellantis Americas, said that the US factories that were laid off were powertrain and stamping parts factories, which produced spare parts for two assembly plants in Canada and Mexico. According to the plan, the assembly plant in Canada will stop production for two weeks, and the assembly plant in Toluca, Mexico will suspend production throughout April. Filosa said the company is "continuing to evaluate the medium- and long-term impact of tariffs on operations."

Gold Price Analysis: After Fed Chair Powell's hawkish comments, the XAU/USD pair is in the red

Alina Haynes

Mar 08, 2023 13:54

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Gold is nursing its wounds due to the likelihood of a 50 basis point (bps) rate rise by the Federal Reserve. At the time of writing, Gold price is trading at $1,813.53 and has been probing lower in Asia to $1,1812.60, a fresh low made following the sell-off that transpired in response to Federal Reserve chair Jerome Powell's testimony before Congress on Tuesday.

 

The price of gold fell sharply as a result of Fed Chair Powell's remarks, falling from a high of $1,851.70 to a low of $1,1812.36 like a heavily weighted metal. This is a result of Jerome Powell, chairman of the Federal Reserve, stating that the US central bank will remain on course until the job is completed. He added more fuel to the fire by stating that the ultimate level of interest rates is likely to be higher than previously predicted.

 

The clincher was when Federal Reserve chairman Jerome Powell stated that the Fed is prepared to increase the tempo of rate increases if data indicates it is warranted.

 

"The most recent economic data have been greater than anticipated, indicating that the ultimate level of interest rates will likely be higher than anticipated. "Powell of the Fed stated in his testimony.

 

As a result, the yield on the 10-year US Treasury note rose to 4% before retreating to 3.96%, remaining marginally below the three-month high of 4.07% reached on March 2 as investors weighed the path of future rate increases by the Federal Reserve. This provided a stimulus to the dollar. The DXY index, a measure of the US Dollar versus a basket of currencies, smashed through 105 in a move that began at 104.43 and continued until 105.435, putting significant downward pressure on the price of Gold.


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