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(Kitco News) – The Federal Reserve Chairman Jerome Powell provides guidance on the future of monetary policy in the United States.
The Swiss Institute of International Studies in Zurich, Switzerland.
He reiterated his stance that the U.S. economy will continue to grow even as it faces global headwinds. The comments have weighed on the gold market. December, last year at $ 1,528 an ounce, relatively flat on the day.
Although business investment has weakened because of global trade uncertainty, Powell said the central bank is not forecasting a recession.
"The labor market is still tightening at the margins and the consumer is in good shape. There will be no recession but there are risks that we are monitoring, "he said.
Powell's positive statement on the labor market has shown that the U.S. economy created 130,000 jobs. Although economists have described the latest consensus in the past
According to the CME FedWatch Tool Markets are still pricing in a cut rate Sept. 18 following the central bank's monetary policy meeting. Many analysts have noted that economic data continues to support monetary policy, which will ultimately benefit the gold market.
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