Powell's address to Senate Banking Committee spurs sell-off in gold
Today Chairman Jerome Powell addressed the Senate Banking, Housing, and Urban Affairs Committee. As anticipated the chairman delivered a strong warning that the Federal Reserve will once again modify its monetary policy to deliver tougher rate hikes at a faster pace.
Furthermore, the chairman stated that, "If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes." According to the CME's FedWatch tool, there is a 70.5% probability that the Fed will raise rates by 50-BPS and a 29.5% that the Fed will be less aggressive with a 25-BPS rate hike. The probability pendulum has swung widely considering that one month ago on February 7 the FedWatch tool indicated a 90.8% probability of a 25-BPS rate hike with only a 9.
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