- Federal Reserve policymakers continue to argue in favor of keeping rates higher for longer, which pushes the US Treasury bond yields higher and caps the upside for the non-yielding Gold price.
- Fed Governor Michelle Bowman showed a willingness to raise borrowing costs if inflation progress stalls and said on Tuesday that they are not yet at the point where it is appropriate to cut rates.
- Separately, Fed Governor Lisa Cook noted that it would be appropriate to cut rates at some point, though a rise in inflation expectations would imply keeping monetary policy restrictive for longer.
- A survey from the Conference Board showed on Tuesday that the US Consumer Confidence Index ticked lower to 100.4 in June from 101.3 in the previous month amid worries about the economic outlook.
- This comes on top of the recent weakness in US Retail Sales and signs of moderating inflationary pressures, which keeps hopes alive for a September Fed rate cut and acts as a headwind for the US Dollar.
- Russia’s Foreign Ministry summoned US Ambassador Lynne Tracy earlier this week and blamed the US for a barbaric attack in Crimea, and said that retaliatory measures would “definitely follow”.
- Concerns about an all-out war between Israel and Lebanon remain alive in the wake of soaring tensions on provocations by Hezbollah, helping limit the downside for the safe-haven precious metal.
- Traders also seem reluctant to place aggressive directional bets and now look forward to the release of the Personal Consumption Expenditures (PCE) Price Index on Friday for some meaningful impetus.
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