GOLD: White House to Issue Order Clarifying Tariff on Gold Bars
Aug-08 18:11
Bloomberg report that the Trump administration has suggested it would issue a new policy clarifying that imports of gold bars should not face tariffs, after a ruling that a widely-traded form of the precious metal is subject to levies shocked the market.
- "The White House intends to post an executive order in the near future to clarify what an official called misinformation about the tariffing of gold and other specialty products." (BBG)
- Spot gold briefly hit a new session low on the above headlines but has since pared the entirety of its decline.
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US TSYS: June FOMC Minutes React
Jul-09 18:04
- Treasury futures holding near recent session highs after June FOMC minutes released - relating risk of persistent tariff-related inflation pass through.
- Currently, Sep'25 10Y trades +13 at 111-06 (110-23.5L / 111-07.5H), resistance to watch is at 111-28, the Jul 3 high.
- Curves mixed: 2s10s -2.470 at 47.984; 5s30s +0.465 at 95.648.
- USD mildly higher, Bbg index BBDXY +0.47 at 1197.11 vs. 1195.65 high.
FED: Instant Answers: Well Positioned To Wait For More Clarity - Minutes
Jul-09 18:00
- Did any participant mention a potential scenario where rates would need to rise from current levels? NO. "Regarding upside risks to inflation, participants noted that, if the imposition of tariffs were to generate a larger-than-expected increase in inflation, if such an increase in inflation were to be more persistent than anticipated, or if a notable increase in medium- or longer-term inflation expectations were to occur, then it would be appropriate to maintain a more restrictive stance of monetary policy than would otherwise be the case, especially if labor market conditions and economic activity remained solid."
- Did staff or participants discuss the idea of lowering the ON RRP rate relative to the fed funds rate? NO
- Did any participant mention changing the IORB rate independently of changes to the fed funds rate? NO
MNI: FED MINUTES: WELL POSITIONED TO WAIT FOR CLARITY
Jul-09 18:00
- MNI: FED MINUTES: WELL POSITIONED TO WAIT FOR CLARITY
- FED: MOST OFFICIALS SEE 'SOME REDUCTION' IN RATES BY DEC
- FED: TARIFF INFLATION BOOST MAY BE TEMPORARY, MODEST
- FED: 'A COUPLE' OFFICIALS COULD SEE CUT AS SOON AS JULY
- FED: COULD MAINTAIN MORE RESTRICTIVE POLICY IF NEEDED
- FED: TO DISCUSS SEP, SCENARIOS AFTER FRAMEWORK REVIEW
