The Fed hinted at a 50-bps interest rate hike by the end of the year, but recent US macro data has raised doubts about their ability to tighten monetary policy.
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Traders actively participated in the market amid concerns about the global economic slowdown and the state of US-China relations.
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The US Dollar (USD) has rebounded, attracting buyers and impacting the price of gold. Recent US data shows a slowdown in inflation, but it remains above the Federal Reserve's target.
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On the previous day, several central banks reiterated their intention to maintain low interest rates for an extended period and expressed concerns regarding the economic slowdown, particularly considering rising inflation and geopolitical uncertainties.
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During his bi-annual testimony to the US House Financial Services Committee, Federal Reserve Chairman Jerome Powell maintained a hawkish stance.
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Gold prices are being affected by concerns over rising interest rates.
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Concerns over China's economic slowdown are gaining traction as the People's Bank of China (PBoC) reduces its benchmark Loan Prime Rates (LPRs) by 10 basis points, in line with market expectations.
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Last week, the Federal Reserve (Fed) indicated that there may be a need for borrowing costs to increase by up to 50 basis points (bps) by the end of this year.
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The Federal Reserve held its monetary policy meeting on Wednesday and maintained the Fed funds rate at 5.0%-5.25%, signaling a pause to its interest-rate hiking cycle for the first time since early 2022.
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