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Treasury Yields Drop as Inflation Data Bolsters Rate Cut Hopes

U.S. Treasury yields fell again on Friday as data released this week pointed to easing inflation. The 10-year Treasury yield was trading around 4.211%, down nearly 3 basis points. The 2-year Treasury note yield was marginally higher at 4.692%. Yields and prices move in opposite directions and one basis point is equivalent to 0.01%. The moves come after the producer price index, a measure of inflation at the wholesale level, slipped 0.2% in May, lower than economist expectations of a 0.1% uptick and a 0.5% rise in April. The data was released Thursday. "Both the headline and core US PPI…

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Gold Prices Stable Amid High Rates and Dollar Resurgence

While the yellow metal marked some gains for the week, it was nursing a sharp tumble from record highs in the face of high interest rates. Spot gold rose 0.1% to $2,305.23 an ounce, while gold futures expiring in August rose 0.1% to $2,320.15 an ounce by 00:56 ET (04:56 GMT). Gold and broader metal prices retreated in recent sessions after the Federal Reserve said it expected to cut interest rates only once in 2024, compared to earlier forecasts for three cuts. While the yellow metal marked some gains after softer-than-expected consumer price index data weighed on the dollar, traders eventually pivoted back…

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China Seeks to Avoid Trade War in Response to EU Car Tariffs

(Bloomberg) -- China is likely to adopt limited and targeted retaliation against the European Union after the bloc unveiled tariff increases on Chinese electric cars, with Beijing wary that a more robust response could backfire.Most Read from BloombergThe EU move to take levies on Chinese vehicles to as high as 48% starting next month has it joining the US, Turkey and other nations in acting to limit a surge in imports from the Asian nation. China’s Commerce Ministry and its chamber of commerce in the EU blasted the step by Brussels after the Wednesday announcement.While retaliation may help dissuade further…

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Fuel Demand Bolsters Oil Prices Despite Mixed Market Outlook

(Bloomberg) -- Oil headed for the strongest weekly gain in months as demand for key fuels tempered concerns about the overall market outlook.Most Read from BloombergBrent crude futures rose 0.5% in London, putting the benchmark on track for a weekly increase of 4.4%, the biggest since February.Gasoline climbed 1.1% in New York, while Europe’s diesel market is showing signs of tightening, with the fuel’s premium over crude oil reaching a two-month high. Earlier this week, aviation data showed flights returning to pre-pandemic levels.The spread between monthly Brent contracts — often seen as a proxy for supply availability — continues to…

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“Buy Gold and BURY IT” – Chris Martenson w/ Mike Maloney

[embedded content]Join Mike Maloney and Chris Martenson in this eye-opening interview as they delve into the crucial importance of tangible assets in today’s unpredictable financial landscape. Learn about the “Great Taking,” a term that highlights how laws have been altered to protect big players during crises, leaving everyday investors at risk. Understand the distinction between actual ownership and IOUs, and get insights into safeguarding your wealth through real assets. Don’t miss their discussion on preparing for the future and ensuring financial security in these turbulent times.To learn more about the ‘Great Taking Webinar’ that Chris mentions, click here.Mike Maloney is…

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Report: Singapore Positioned to Emerge as Major Global Gold Hub

KUALA LUMPUR (June 13): Singapore is set to become a leading gold hub as trading shifts east, according to the World Gold Council.Citing the World Gold Council’s Head of Asia-Pacific and global head of central banks, Shaokai Fan, CNBC reported on Monday that one key reason is that gold consumption in major emerging economies is rising, and a majority of these markets are concentrated in Asia.He said Singapore’s proximity to these central banks, which are actively snapping up gold, is another factor.“The centre of gravity of the gold market has shifted east, with Singapore fortuitously placed as the potential fulcrum of…

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Citi Forecasts Gold Prices Could Hit $3,000 Within a Year

“The gold price path is unlikely to be linear, but average prices should trend higher in 2H’24 and 2025,” Citi analysts wrote in a note.“We see the market supported well above $2,000-2,200/oz and regularly testing nominal ATHs into end-2024,” before surging to $3,000 in 2025, the firm added.Several key factors underpin this bullish outlook.Firstly, the market’s asymmetric risk skew has already demonstrated resilience, with gold prices rallying to $2,400 per ounce despite a strong US dollar, high interest rates, and robust equity markets.“A negative turn in US growth exceptionalism should be positive for gold, enhancing bids for duration and haven…

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In Arlington’s race to become carbon neutral, some residents seeking green upgrades feel left behind (VA)

“Being a condo owner, getting some support and how to navigate these conversations for a condominium association would be helpful,” she said. “I think the county has some good staff and are doing a lot of work. It’s just having resources of people that have successfully done that with their condo association — kind of how do you get everyone on board, because it is a big investment.”   Read the article…………………………….

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Fed Leaves Rates Steady, Projects Fewer Cuts in 2024 Amid Slower Inflation

The Federal Reserve said Wednesday it was keeping its key interest rate unchanged as it fights elevated inflation rates that have been pinching U.S. businesses and consumers.In a statement Wednesday, the central bank said economic activity "has continued to expand at a solid pace," while job gains "have remained strong, and the unemployment rate has remained low."Though inflation has eased over the past year, it remains elevated — even as there has been "modest further progress toward the Committee’s 2% inflation objective."The Fed now projects just one rate cut in 2024, down from multiple ones in its previous projection. Indeed,…

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Treasury Secretary Yellen: Debt Burden Sustainable at Current Levels

Treasury Secretary Janet Yellen on Thursday said the swelling national debt is manageable as long as it stays around where it is relative to the rest of the economy. In a CNBC interview, Yellen also noted that high interest rates are adding to the burden as the U.S. manages its massive $34.7 trillion debt load. "If the debt is stabilized relative to the size of the economy, we're in a reasonable place," she told CNBC's Andrew Ross Sorkin during a "Squawk Box" live interview. "The way I look at it is that we should be looking at the real interest…

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Unemployment Claims Reach 10-Month Peak as Economy Slows

By Lucia MutikaniWASHINGTON (Reuters) -The number of Americans filing new claims for unemployment benefits increased to a 10-month high last week, suggesting the labor market was losing momentum and keeping hopes of a September interest rate cut from the Federal Reserve alive.That was reinforced by other data from the Labor Department on Thursday showing producer prices unexpectedly falling in May. The largest decline in prices at the factory gate since last October followed news on Wednesday that consumer prices were unchanged in May. The U.S. central bank on Wednesday kept its benchmark overnight interest rate in the current 5.25%-5.50% range,…

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Wholesale prices unexpectedly fell 0.2% in May

The producer price index, a gauge of prices that producers get for their goods and services in the open market, declined 0.2% for the month against expectations for a 0.1% increase. PPI was held back by a 0.8% decrease in final demand goods prices, which was the largest decline since October 2023. In other economic news, initial claims for unemployment insurance jumped to 242,000 for the week ended June 8. That's the highest level since August 2023. A measure of wholesale prices unexpectedly decreased in May, adding another piece of evidence that inflation is pulling back. The producer price index,…

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