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According to Russian reports, the next trilateral meeting between Russia and Ukraine may not be held in Geneva.Atlanta Federal Reserve President Raphael Bostic said on Wednesday that the rift between the Federal Reserve and the White House has begun to erode public trust in the central banks apolitical position. This is one of the most direct warnings yet from a senior monetary policy official about the consequences of Trumps hawkish stance on the Fed. In his farewell address before retiring from the Atlanta Fed at the end of February, Bostic said his colleagues within the Fed system remain committed to keeping their work separate from politics. "But my visits over the past few months have made it clear that the legal and verbal battles surrounding the central bank have led people from all walks of life to question the Feds independence, which is a serious concern." Bostic is not the only Fed official this year to emphasize the importance of central bank independence, but no one has warned as directly as he did on Wednesday that the current controversies could undermine public trust in the institution.The vote count showed that the French government survived its first vote of no confidence in parliament.February 26 - According to the Cuban Embassy in the United States, the Cuban Ministry of the Interior issued a statement saying that when a border patrol vessel approached a U.S. speedboat for identification checks, the crew of the speedboat opened fire on the Cuban personnel, injuring the Cuban patrol vessels commander. As of the time of this announcement, four attackers on the foreign vessel have died and six others have been injured.Federal Reserves Bostic: A broad group has begun to question the Feds independence. The Feds independence in setting monetary policy has improved economic outcomes and market confidence, helping to maintain the U.S.s status as a safe haven.

Gold Price Prediction: XAU/USD recovers within the weekly bearish trend, Covid; Treasury yields in focus

Daniel Rogers

Nov 22, 2022 14:56

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Early Tuesday morning, the gold price (XAU/USD) reaches $1,745 for the first daily increase in four. In doing so, the precious metal applauds the wide US Dollar decline during a likely sluggish day preceding Wednesday's crucial data/events.

 

Consequently, the US Dollar Index (DXY) falls intraday by 0.25 percent to 107.55, halting a three-day rally. Recent challenges to the hawkish concerns surrounding the US Federal Reserve are reflected in the dollar's metric, which tracks US Treasury yields (Fed).

 

The US 10-year Treasury yields decline for the first time in four days, falling one basis point to around 3.81% as of press time, as the most recent remarks from Federal Reserve (Fed) members fail to buttress the previously hawkish attitude.

 

In a CNBC interview, Loretta Mester, president of the Federal Reserve Bank of Cleveland, stated, "I think we can ease down from 75 in the December meeting." Previously, Atlanta Federal Reserve President Raphael Bostic rejected the 75 basis point move and challenged the DXY bulls. In addition, October readings of -0.05 for the Chicago Fed National Activity Index, compared to the prior reading of 0.17, posed a challenge to US Dollar bulls.

 

On the other hand, a seven-month high in daily coronavirus cases from China rekindled fears of a supply bottleneck and gave US Dollar purchasers optimism ahead of tomorrow's preliminary monthly activity data and Federal Open Market Committee (FOMC) Meeting Minutes.

 

In addition, the most recent articles from Nikkei Asia imply that China is likely hoarding the metal while selling US Treasury bonds, which gives buyers of gold reason for optimism.

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