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July 9, 2019 The Week: On Monday, the Federal Reserve announced that it was cutting interest rates for the first time since the financial crisis. The cut was seen as a response to the economic slowdown that has been seen in the U.S. and around the world. The Fed also indicated that it may cut rates further if needed. The news sent stocks soaring, and the U.S. dollar fell sharply against other major currencies. On Tuesday, the Federal Reserve released its quarterly economic report, which showed that the U.S. economy is slowing. The report showed that consumer spending, business investment, and exports were all weaker than expected. The report also showed that inflation has been running below the Fed's 2% target. On Wednesday, the Federal Reserve released the minutes from its June meeting, which showed that officials were split on the decision to cut interest rates. Some officials argued for a larger cut, while others felt that a smaller cut was sufficient. The minutes also showed that the Fed was divided on what to do next, with some arguing for further rate cuts, while others were hesitant to do so. On Thursday, the Labor Department released its monthly jobs report, which showed that the U.S.
We went from ‘the Federal Reserve (Fed) could hardly cut in September’ to ‘it would be a mistake not to cut in July or September’ (source: Mohammad El Erian’s Linkedin feed) in a blink of an eye. Everything seems upside down since last week. The Big Tech stocks that have been rallying relentlessly since the beginning of 2023 are hit hard by rapid outflows as worries regarding the AI spending and the realization that it may take time to see the benefits of this massive spending push investors to take a part of their profits and walk away.
Gold prices fall 5% from July 17 peak of $2,483 to $2,364. US Q2 GDP beats expectations, strengthening the US Dollar and impacting gold. Market certainty grows for a Fed rate cut in September as Treasury yields decline. Gold price tumbled to a two-week low on Thursday after the US Bureau of Economic Analysis reported
Spot gold dropped 1% to $2,372.74 per ounce and U.S. gold futures declined 2.1% to $2,366.00 Gold prices dropped 1% on Thursday as investors booked profits ahead of U.S. economic data that could offer more cues on when the Federal Reserve will cut interest rates this year and by how much. Spot gold dropped 1%