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« Multi-Billionaire Hugo Salinas Price Says This Catalyst Has Gold Headed Thousands Of Dollars Higher | Main | Physical Gold In Vault Is “True Hedge of Last Resort” – Goldman Sachs »
Wednesday
Sep202017

Fed Begins Balance Sheet Unwind, Expects One More Rate Hike In 2017

Today's the day.


On Nov 25, 2008 The Fed announced it would begin buying assets for its own account to save the world. In Oct 2014, The Fed ended its QE3 buying program but continued to reinvest the proceeds to maintain its $4.4 trillion balance sheet. Today, Janet Yellen announced the balance sheet will be allowed to normalize, with reinvestments slowed/stopped starting in October.

Headlines:

  • *FED: HURRICANES UNLIKELY TO ALTER ECONOMY'S COURSE MEDIUM TERM
  • *FED: JOB MKT STRENGTHENED, ECONOMIC ACTIVITY RISING MODERATELY
  • *FED KEEPS RATES UNCHANGED, PLANS BALANCE-SHEET RUNOFF IN OCT.
  • *FED FORECASTS STILL SIGNAL ANOTHER 2017 HIKE, 3 MORE IN 2018
  • *FED REPEATS RISKS TO OUTLOOK APPEAR ROUGHLY BALANCED
  • *FED SAYS FOMC VOTE WAS UNANIMOUS
  • *FOUR FED OFFICIALS SEE NO MORE 2017 HIKES, UNCHANGED FROM JUNE ( Eleven Fed officials now see one more hike in 2017 versus just eight in June.
    - market odds only 50%)

As expected, the Fed announced it will begin reducing bond reinvestments, starting by $10 billion per month and growing to $50 billion. This is what the Fed's tapering looks like in context:

read more.....

The possibilty of one rate hike is not going to kill this rally in gold prices...

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