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Bloomberg/Mohamed A. El Erian/12-1-2022
“Markets surged on Wednesday after Jerome Powell, the Federal Reserve chair, indicated that the world’s most powerful central bank would slow the pace of rate increases this month. The fact that this remark was balanced by warnings about the uncertain outlook for inflation and policy proved irrelevant for markets. All that they heard was the good news.”
USAGOLD note: Asset prices are no longer determined by the ebb and flow of private investor interest and they have not been for a long time. The primary influences in financial markets today are big institutions, computerized trading systems and central banks, and they are riveted on talking – and acting – their book. Too, courtesy of central bank largesse, they have the capital to make their presence known……
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