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On May 8, Federal Reserve Chairman Powell said at a press conference that the tariffs implemented by US President Trump on April 2 local time were "far beyond expectations." The current level of tariffs may lead to a slowdown in economic growth and may lead to higher long-term inflation. "If the significantly increased tariffs that have been announced continue to be implemented, inflation and unemployment may rise and economic growth may slow. The impact on inflation may be short-lived, reflected in a one-time change in the price level, but it may also be more persistent," Powell said. Powell said that given the scope and scale of tariffs, the risk of rising inflation and unemployment will certainly increase. If tariffs ultimately remain at current levels, the Feds progress in achieving its goals may be delayed until next year.On May 8, Ken Griffin, the founder and CEO of Citadel Investments, a U.S. hedge fund tycoon, said that the American working class will bear the brunt of Trumps punitive tariffs on trading partners. "Tariffs hit the wallets of hard-working Americans the hardest. Its like a sales tax on Americans. It will hit those who work hard to make a living. Its a painful regressive tax," Griffin said in an interview on Wednesday. Griffin voted for Trump in last years U.S. election and is a big "financial backer" of the Republican Party. But he is now criticizing Trumps trade policy, saying it could damage the U.S. "brand" and its government bond market.On May 8, Goldman Sachs economists expect US core PCE inflation to grow by 3.8% by the end of 2025 (previously predicted to be 3.5%) and 2.7% by the end of 2026 (previously predicted to be 2.3%). Compared with these forecasts, the latest core PCE data is only 2.6%. Goldman Sachs said that the dollar weakened due to the tariff news, and this weakening amplified the direct impact of tariffs on prices rather than offsetting this impact.The Hong Kong Monetary Authority kept its benchmark interest rate unchanged at 4.75%; overnight the Federal Reserve announced that it would remain on hold.Google (GOOG.O): Making small changes among teams to drive greater collaboration and expand the ability to serve customers quickly and efficiently.

Silver Price Forecast: Price Volatility as Treasury Yields Rise

Jun 07, 2022 14:43

The price of silver attempted to break out, but again encountered selling resistance. The decline in gold prices weighed on the broader precious metals market. The Fed's quiet period has begun in advance of the FOMC's mid-month meeting.

 

The benchmark rates continued to rise, with the 10-year yield ending over 3%.

 

Prior to the Fed FOMC meeting, there is a period known as the quiet period, during which members refrain from commenting on Fed policy.

 

Prior to their June 14-15 monetary policy meeting, Fed policymakers have entered a period of silence. Last week, yields continued to climb as a result of a robust employment report. The Fed Funds futures contract for the end of the year is currently pricing in rates of 2.70 percent, implying another 100 basis points of tightening over the next two meetings.

Technical Evaluation

The price of silver sought to climb higher but was unable to do so. Near the 10-day moving average of 21.99 is viewed as support. At the 50-day moving average of 23.18, there is observed to be resistance.

 

The 50-day moving average continues below the 200-day moving average, representing a headwind for XAG/USD and indicating negative trend. Silver will likely reach the level of 20.4.

 

The medium-term momentum turns positive when the histogram and MACD both show positive values (moving average convergence divergence). The MACD histogram is moving in negative area, indicating a downward trend in price movement.

 

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