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Jackson Hole Summit This Morning’s Focus

Jackson Hole Summit This Morning’s Focus
Category: Market Reports
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Posted: 08-26-2016 12:29:00 PM

Many Wall Street traders are calling for the chairlady to impose a gag order on all Fed members as their continued comments only cause unnecessary volatility in the markets. I can’t agree more. Let the minutes of the Fed meetings speak for themselves.

All eyes on Jackson Hole, Wyoming this morning, as we await comments from the most powerful woman in the world, Chairwoman Janet Yellen.

CME Fed-watch Tool this morning reveals a 21 percent chance of a rate hike at the September meeting. Let’s see if the rate hike needle moves today after the Fed lady’s comment at 10 am Eastern Time.

 

In the meantime, the chatter in the market place overnight is that there was some Central Bank buying in gold overnight ahead of the Fed Chairwoman’s comments. If that’s true, and I don t know how reliable that information is, I find it interesting in the timing of the purchase.

As I’ve been reporting all year and still believe, the Fed will NOT move with a rate increase this year as the data reported is still “wishy washy” at best.

James Bullard, President of the Federal Reserve Bank of St. Louis and a voting member of the Federal Reserve, reported today on CNBC that September might be a good time to raise rates. But he also said, “I’m agnostic on exactly when we do that.” He said he’d like to hike rates for the second time in ten years on good economic news. Bullard also said, “bad rate guidance has hurt the Fed’s credibility.”

Cleveland Fed president said this morning, “We may not be communicating as we should.” REALLY?

That’s why many Wall Street traders are calling for the chairlady to impose a gag order on all Fed members as their continued comments only cause unnecessary volatility in the markets. I can’t agree more. Let the minutes of the Fed meetings speak for themselves.

Any rate hike news is like a Super Bowl event, so stay tuned today as we wait to see if the chairlady gives the any hint on her position. Is she a dove or a hawk on an interest rate hike.
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About The Author

Walter Pehowich Author Name: Walter Pehowich
This editorial has been prepared by Dillon Gage Metals. This document is for information and thought-provoking purposes only and does not purport to predict or forecast actual results. It is not, and should not be regarded as investment advice or as a recommendation regarding any particular security, commodity or course of action. Opinions expressed herein are current opinions as of the date appearing in this editorial only and are subject to change without notice. Reasonable people may disagree about the opinions expressed herein. In the event any of the assumptions used herein do not prove to be true, results are likely to vary substantially. All investments entail risks. There is no guarantee that investment strategies will achieve the desired results under all market conditions and each investor should evaluate its ability to invest for a long term especially during periods of a market downturn. No part of this editorial may be reproduced in any manner, in whole or in part, without the prior written permission of Dillon Gage Metals. This information is provided with the understanding that with respect to the opinions provided herein, that you will make your own independent decision with respect to any course of action in connection herewith and as to whether such course of action is appropriate or proper based on your own judgment, and that you are capable of understanding and assessing the merits of a course of action. You may not rely on the statements contained herein. Dillon Gage Metals shall not have any liability for any damages of any kind whatsoever relating to this editorial. You should consult your advisors with respect to these areas. By posting this editorial, you acknowledge, understand and accept the foregoing.

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