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Gold Price Rises as Fed Chairman Forecasts Moderate Growth but Low Inflation

Fed Chairman Jerome Powell issued statements earlier today at the Joint Economic Committee, commenting on the health of the economy and the proposed monetary policy for the near future. Powell stated that low inflation pressure and overseas weakness remain a concern, while the US economy is still on course for moderate growth.

Key Takeaways

  • Fed Chairman Jerome Powell stated that the central bank’s interest rates policy is likely to continue, with no further interest rate cuts expected for now.
  • Inflation is expected to undershoot the 2% target set out by the Fed.
  • The Fed is expected to take a “hands-off” approach to monetary policy in coming months.

Speaking to the Congressional Joint Economic Committee on Wednesday, Powell stated:

“We see the current stance of monetary policy as likely to remain appropriate as long as incoming information about the economy remains broadly consistent with our outlook of moderate economic growth, a strong labor market, and inflation near our symmetric 2 percent objective.”

He went on to say that the general economic slowdown seen worldwide remains a challenge, as does low inflation pressure which is currently under target. In October, the Fed cut interest rates for the third time this year as a hedge against mounting recessionary pressures such as low inflation and the ongoing trade war. It is now expected that the central bank will hold off on further rate cuts in the near future.

 “It now looks increasingly likely that the Fed will move to the side-lines for an extended period,” Andrew Hunter said, senior U.S. economist at Capital Economics.

“We’re definitely at some pretty healthy levels valuation wise,” said Tim Courtney, chief investment officer at Exencial Wealth Advisors. “I do think we’re going to have a 5% to 10% correction between now and the end of the year to maybe wash off some of the hot money that’s come into the market.”

Market Reaction

Gold prices are currently up on the day. Spot gold last traded at $1,464.66/oz, up 0.87%. Gold is trading near the top of its range with a high of $1,467.01/oz and a low of $1,461.22/oz. A recent setback in the Chinese and US trade negotiations may have contributed to risk-averse sentiment in the markets today, as did Fed Chairman Jerome Powell’s mixed statements on the state of the economy.