Top Stories This Week: Powell Gives Rate Hike Clues, Uranium Expert Talks Stocks

Gold sank to levels not seen since mid-March this week, falling below US$1,920 per ounce on Friday (June 23).

US Federal Reserve Chair Jerome Powell was in the spotlight as he testified to the House Financial Services Committee in a semiannual appearance. During his speech , he said that while inflation has moderated since the middle of last year, it’s still a long way from the central bank’s 2 percent target — in May, the consumer price index was up 4 percent year-on-year .

The comments from Powell came after last week’s Fed meeting , where the central bank left rates flat at 5 to 5.25 percent. The Fed also updated its dot plot at that time, and the new data suggests that it’s likely to raise rates by a further 50 basis points in 2023.

In this week’s address, Powell said two more rate increases, presumably of 25 basis points […]

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