Fed officials continued to signal a preference to remain patient on the topic of rate cuts as the US economy, consumer and labour market maintain their resilience
Fed officials communicated that they are in no rush to start the cutting cycle amid a strong US economy, emboldened consumer and potential Red Sea escalationThe Fed’s Patrick Harker acknowledged the strength of the US economy alongside consumer spending and warned about the potential of cutting interest rates too early. He, like many others at the Federal Reserve, prefer to adopt the 'wait and see' approach with the goal of attaining greater confidence that inflation is under control.
Overall, the Fed minutes and recent comments from Fed officials have been perceived as slightly hawkish, favouring the higher for longer narrative for now – lifting theLooking at the weekly gold chart it's clear to see gold prices have pulled back from weekly high, looking destined for another test of the zone of support around $2010.
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