The FOMC did nothing with rates, but remarked that in their judgement the growth in the economy has changed from ‘moderate’ to ‘solid.’ The market is looking for a rate increase at the December meeting.
I am solidly willing to speculate that the Fed will flip their judgement faster than a flapjack in a NJ diner in the not too distant future. But let’s see what happens.
The markets are widely pricing in a rate increase from the Bank of England this week.Let’s see if they get it.
Donald l’Orange will be spilling the beans on his pick for Fed head tomorrow. Presumably it will be someone not currently under indictment. It is said by insiders that his pick will be Jay Powell. As Wall Street says, ‘Pass that J my way.’
I have included the chart for the little followed industrial metal nickel directly below. It has been on a tear of late. And, (want yearn), is taking a crack at the kind of breakout attempt that we have looking for in gold and silver. From what I hear this is an electric car play.
We are still looking for the Non-Farm Payrolls report on Friday.
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