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On September 18th, arguably the biggest surprise in the Federal Reserves latest interest rate decision was the single dissenting vote. Despite unfavorable circumstances, Fed Chairman Powell managed to achieve a near-unanimous consensus at this weeks monetary policy meeting. Newly appointed Governor Milan was the only vote against the 25 basis point rate cut. Milan, a close ally of Trump, was sworn in as an interim Fed governor on Tuesday. His objection was based on support for a larger rate cut—something Trump has been demanding for months. However, Governors Waller and Bowman, who had voiced dovish dissent in July, did not do so again this time. KPMG Chief Economist Diane Swonk said, "Its clear that Powell has successfully herded the cats together."Meghan Robson, head of U.S. credit strategy at BNP Paribas: "Todays Fed decision suggests the Fed will prioritize growth over inflation and may allow the economy to "overheat" until the inflation path becomes clearer. We believe this policy approach should currently support credit spreads."Syrian President: Security agreement with Israel is a "necessary move" and Syrias airspace and territorial integrity should be respected.Syrian president: Security talks with Israel may produce results in the "coming days."Scott Kimball, chief investment officer of the fixed income team at Loop Asset Management: "The Feds 12-month inflation forecast is 2.6%, which shows that it is more tolerant of inflation and may no longer be its primary focus. Implementing a looser policy on the basis of fiscal stimulus should support lower-quality corporate credit spreads."

Silver Markets Face the Same Headwinds, According to Our Silver Price Predictions

Daniel Rogers

Jun 17, 2022 11:33

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The silver market has opened higher on Thursday, despite the fact that the markets as a whole remain quite volatile. Silver is unpredictable under the best of situations, so it does make a lot of sense that this market finds itself trying to rise to the $22 level again. The $22 level is an area that has been like a magnet for pricing, so it would not surprise me at all to see a bit of hesitancy. In the event that we break above that level, the market will have to contend with the 50-day exponential moving average (EMA).

 

All else being equal, this is a market that continues to find quite a deal of downward pressure, especially since we have just created a significant “H pattern.” If we were to break over the 50 Day EMA, then it may open up a greater move, and breaking above the $23 mark might flip the whole thing around. That said, the bond market and the US dollar will almost certainly have a significant impact on the market. Keep an eye on the US Dollar Index, which has a strong negative association with silver most of the time.

 

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On the downside, the market falling down below the $20.50 level opens up fresh selling, and potentially an effort to move down to the $20 level. If the price of silver breaks through that level, it will throw the market into a tailspin as major selling pressure is released. At this time, I feel that it is more likely than not going to be a “fade the rallies” sort of marketplace.