Fed Chair Powell States Inflation Risks Have Declined, Gold Rebounds Amid Dovish Remarks

According to Everbright Futures commentary released Wednesday, Federal Reserve Chair Powell stated yesterday that inflation risks have declined over the past four weeks and the Fed will abandon forward guidance, relying entirely on real-time economic data. Powell's dovish remarks, combined with weaker-than-expected private payroll growth (98,000 jobs added versus 119,000 expected) and a sharp decline in the ISM price index to 73, lifted gold prices. The ISM manufacturing PMI fell to 53.3, reflecting easing cost pressures.
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