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Gold prices are rising amid concerns over the US budget deficit and discussions surrounding US debt, particularly following Moody's downgrade of the US credit rating. Investors are closely monitoring upcoming speeches from Federal Reserve representatives for potential monetary policy insights. The recent easing of US-China trade tensions, marked by mutual tariff reductions, adds to the uncertainty in the market.
The US dollar faces pressure following Moody's downgrade of the country's credit rating from "Aaa" to "Aa1," attributed to rising debt levels. Additionally, the US House of Representatives has approved Trump's tax plans, which aim to extend $4.5 trillion in tax relief, pending Senate approval. Investors are also anticipating upcoming speeches from Federal Reserve officials for insights into monetary policy.
The Ifo business climate index in Germany rose to 87.5 points, reflecting improved sentiment among company leaders, despite ongoing investor concerns over controversial US tax plans that could add $3 to $5 trillion to the national debt. Negative purchasing manager indices in the US, coupled with a focus on upcoming economic data and Federal Reserve representatives, are contributing to market uncertainties. Investors are particularly attentive to the implications of these developments on the global economy.
US price data and ongoing tariff disputes between the US and EU are influencing silver prices, with investors hopeful for negotiations to avoid harmful tariffs. Key economic indicators, including the PCE deflator, are expected to provide insights into monetary policy, while chart technicals suggest a focus on the $34 mark and potential upward movement towards October highs.
Federal Reserve Bank of St. Louis President Alberto Musalem suggested that a pause in interest-rate cuts may be imminent, with a decision influenced by incoming data. He expressed a preference for a gradual approach to rate reductions, cautioning that the risks of cutting too quickly outweigh those of easing too little.
The Nasdaq 100 rose 0.3%, while the Dow Jones fell 0.2%. The Russell 2000 has outperformed since the US presidential election, gaining over 10% in November. Analysts expect continued growth in US stocks, driven by solid economic conditions and advancements in AI, despite potential market corrections. Corporate highlights include Intel's search for a new CEO, AT&T's profit growth predictions, and BlackRock's acquisition of HPS Investment Partners. Key economic events this week include US factory orders and the jobs report.
Federal Reserve Bank of St. Louis President Alberto Musalem indicated that the central bank is nearing its inflation and employment targets. He emphasized the need for a "moderately restrictive" policy while inflation remains above the 2% goal, suggesting that gradual rate cuts could occur if inflation continues to decline.
Alberto Musalem
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