Gold, Silver

January FOMC Meeting


Today’s FOMC meeting confirmed no rate cuts. Gold prices trended slightly upwards but down from daily highs, closing around $2,050 after the news. Silver prices are trading lower, closing around $23.

Fed Chair Jerome Powell’s speech today reiterated the decision to keep rates unchanged. The committee intends to lower the target federal funds rate once they are confident that inflation is steadily approaching 2 percent. According to the CME Fedwatch Tool, the previously anticipated March rate cuts are unlikely to occur. After the FOMC meeting, the tool reflects a 66% probability that the March meeting will result in rates remaining unchanged.

Update: The release of the PCE report on February 29 indicated that inflation rose in line with economists’ expectations of .04% for the month and 2.8% on an annual basis. The CME Fedwatch tool now reflects a 19%  chance of rate cuts by May and 53% chance of rate cuts by June.

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