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On June 30th, the Wall Street Journal analyzed that although Federal Reserve Governor Cook emerged as a direct winner in the Supreme Court ruling, the biggest beneficiary might be Warsh, who just took office as Federal Reserve Chairman in May. The US Supreme Court ruled to prevent President Trump from removing Cook from office, reaffirming the protections granted to Federal Reserve governors by Congress. This means the president cannot easily remove a Federal Reserve governor on controversial grounds, thus limiting the space for pressuring the Fed through replacements and providing institutional guarantees for Warsh to lead the Fed more independently. The analysis points out that if the president could easily dismiss a Federal Reserve governor and replace him with a like-minded official, the Feds independence would be severely weakened, and Warsh would find it difficult to manage the institution. Investment manager Mark Spindall stated that allowing the president to remove governors on flimsy grounds and fill the vacancies with "loyalists" would undermine Warshs ability to focus on achieving the Feds policy objectives. However, the report believes that this ruling does not completely eliminate the possibility of presidential pressure on the Fed; the Feds future independence still depends on how Trump treats Warsh, whom he personally appointed, and whether the Supreme Courts 5-4 ruling will be upheld in future cases.Google (GOOG.O): Starting today, a free personalized photo generation feature is available to U.S. users in the Gemini app.Honeywell Aerospace CEO: Operating independently will allow the company to better support Boeing and Airbus in increasing production capacity. The company is diversifying its supplier base as part of its capacity-boosting strategy. It is also considering acquisitions to expand into electrification, automation, safety, and production efficiency technologies.June 30 - According to a report by The Jerusalem Post citing sources, the US government believes the possibility of Israel and Syria normalizing relations before the Israeli parliamentary elections in October is "very slim." The report states that Syria has demanded Israel withdraw its troops from the buffer zone, but the US believes Netanyahu is unlikely to approve the withdrawal before the election, which will be a major obstacle to normalization.Iranian Foreign Ministry spokesman: The visit of US officials to Qatar is unrelated to the visit of the Iranian delegation to Doha, and there will be no talks with the US in the coming days.

Copper Decreases Due to COVID Unrest in China, While Gold Decreases

Aria Thomas

Nov 28, 2022 16:15

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Copper prices fell significantly on Monday as a result of rising social discontent in China over more COVID-19 lockdowns, while gold prices dipped as investors awaited fresh hints of U.S. monetary policy from this week's big economic statistics.


Copper futures expiring in March declined 1.3% to $3.5835 a pound by 18:50 ET (23:50 GMT) on Tuesday as traders predicted further demand destruction in China.


China is seeing a wave of civil disobedience in reaction to its strict zero-COVID policy, with protests and police clashes in a number of major cities as popular discontent with lockdown measures increases.


In the last three years, the zero-COVID policy has resulted in a number of lockdown measures that have severely impeded business activity and the mobility of individuals.


This also lowered China's appetite for imports of raw materials, resulting in a decline in copper prices in expectation of a decline in demand. The country's potential for violent demonstrations is a new hindrance to economic progress.


Copper prices are down more than 20% so far this year, as the global economy has slowed owing to rising inflation and interest rates, and as a result, metal demand has declined.


The markets largely overlooked signs of a declining copper supply, as major copper producers in Chile and Peru lowered output.


In anticipation of this week's lectures by numerous Federal Reserve speakers, including Chairman Jerome Powell, gold prices decreased modestly as the dollar strengthened.


However, Friday will be overshadowed by crucial nonfarm payroll data from the United States. Due to the continued strength of the labor market, the Fed has ample room to continue raising interest rates, which is bad for metal markets.


Gold on the spot market fell 0.2% to $1,752.08, while gold futures fell 0.2% to $1,181.85. As the December contract expiry date approaches, gold prices saw a minor backwardation, where spot prices were higher than futures prices.


In reaction to Federal Reserve suggestions that it will raise interest rates at a slower rate in the coming months, the price of gold has increased dramatically during the previous two weeks.


Notwithstanding, uncertainty about where U.S. interest rates may peak led some profit-taking in bullion prices, especially as U.S. inflation continued to move well over the Fed's objective.

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