Bloomberg/Bill Dudley/10-24-2022
“Given the lack of progress, one might expect the Fed to take interest rates even higher than previously planned. Yet officials’ recent remarks suggest they’re sticking to their September projections, which foresee rates increasing 75 basis points in November, 50 in December and 25 in January to a peak of 4.50% to 4.75%.”
USAGOLD note: The former president of the New York Federal Reserve poses the question headlined and then answers immediately and unequivocally. So far, Powell has been more a Burns than a Volcker. If the 1970s (when Burns officed at the Mariner Eccles building) are an indicator, that could be a positive for precious metals.
