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© Reuters.
Written by Yassin Ibrahim
Investing.com – Federal Reserve Chairman Jerome Powell said on Thursday that the rise in U.S. bond yields was strong, but stressed that the bank was continuing its bond buying pace, lowering interest rates until ” progress is made in creating jobs and meeting inflation targets.
Powell said Hilal’s rate hike last week “caught my eye.” But he tried to allay investor concerns about the central bank’s decision making sooner than expected. “As for asset purchases, they will continue at the current pace, but only when progress is made. But if that happens, it will be the result of a lot of progress. “
The Fed chairman tried to allay market concerns and stressed that any price increase was not sustainable. He added that the federation will intervene if the circumstances are necessary. “If conditions continue to fundamentally change, we are ready to use all the tools at our disposal to preserve the gains we have made.”
And he dropped 300 points with those statements.
And it fell to the level of $ 1,700 an ounce, amid threats to continue to fall in the range of $ 1,660 to $ 1,670 an ounce.
Markets should beware of the Fed’s words to intervene.
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