- The US Dollar held steady near a multi-week top touched last Friday amid diminishing odds for a more aggressive policy easing by the Federal Reserve, which dragged the Gold price below the $2,630 pivotal support on Tuesday.
- According to the CME Group's FedWatch Tool, investors are now pricing in over an 85% chance of a 25-basis-points Fed rate cut move at the November meeting and a 50 bps reduction in borrowing costs by the end of this year.
- New York Fed President John Williams said on Tuesday that it will be appropriate again to bring interest rates down over time and that September's 50bps rate cut should now be seen as the rule of how we act in the future.
- Separately, Fed Governor Adriana Kugler said that approach to any policy decision will continue to be data dependent and that he will support additional rate cuts if progress on inflation continues as expected.
- Furthermore, Boston Fed President Susan Collins noted that current monetary policy is helping to cool inflation, but the US economy and labor markets still appear strong, and core inflation still remains elevated.
- Meanwhile, Fed Vice Chair Philip Jefferson said that economic activity continues to grow at a solid pace, while inflation has eased substantially and the labor market has cooled from its formerly overheated state.
- The yield on the benchmark 10-year US government bond holds steady above the 4% threshold, which continues to exert some pressure on the non-yielding bullion for the sixth successive day on Wednesday.
- On the geopolitical front, Iran-backed Hezbollah hinted on Tuesday that it may be open to a ceasefire and notably omitted the end of the Gaza war as a condition for halting the conflict on the Lebanon-Israel border.
- Investors now look to the September FOMC meeting minutes for cues about the future rate-cut path, ahead of the US consumer inflation figures and the US Producer Price Index on Thursday and Friday, respectively.
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