GOLD: Stalls on the offer after FOMC minutes
FOMC minutes, key notes
- Some participants commented that additional policy firming would likely be warranted at future meetings.
- Some participants stressed it was crucial that policy that the statement not signal the likelihood of rate cuts this year or rule out further hikes.
- Fed staff continue to forecast mild recession starting later this year, followed by a modestly-paced recovery.
- Several participants said if the economy evolved along lines of their outlooks, further policy firming might not be needed.
- Participants generally agreed that the extent to which further interest rate hikes may be appropriate had become less certain.
- Many participants focused on need to retain optionality after May meeting.
- Participants judged that the banking sector stress would likely weigh on economic activity but to an uncertain extent.
- Participants agreed that inflation was unacceptably high, and are declining slower than they had expected.
- Some participants noted concerns that the Federal debt limit may not be raised in a timely manner, threatening significant financial system disruptions, and tighter financial conditions.
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Gold price has extended its downside further below the immediate support of $1,940.00 in the Asian session. Earlier, the precious metal displayed a vertical downfall after slipping below the $1,952.00 cushion as the United States economy is approaching a default situation.
