December CPI Release + Market Update
The Bureau of Labor Statistics’ December CPI release and Fed meeting today moved markets. Gold price trended upwards to trade in the $2,010 range after its 3-week low overnight. Silver price trended upwards to trade in the $23 range after rebounding from yesterday’s 4-week low. In line with economists’ estimates, the Consumer Price Index rose 3.1% over the previous 12 months in November, down slightly from the 3.2% rise in October. Inflation seems to be easing slightly but still remains well above the Fed’s 2% target.
In support of these goals, Fed Chair Jerome Powell’s speech today concluded that they will be holding interest rates steady for a third-consecutive time. Until there is a more sustainable pullback in price growth toward their target, the FED will likely hold off on easing interest rates until as soon as early 2024.
Catch up on many tumultuous events of the year. Starting with elevated inflation leading the Fed’s rate cycle, to downstream effects in the banking sector, new international collaborations, and continuing conflict in the Middle East. Read on for 2023 Year in Review.
Despite the recent ease in inflation, it remains at elevated levels. Safeguarding your purchasing power remains critical over the long run. To ensure long-term financial stability amidst persistent inflation, consider options to diversify your investment portfolio.
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