With the gold and silver markets spiking higher following the Fed policy decision and press conference, the bulls showed some control as the trade was able to discount disappointment over another delay in cutting rates and instead embraced relief that the Fed was not in a mode to consider rate hikes!
However, given a significant jump in ISM Manufacturing prices-paid earlier this week that should be seen as a sign that inflation lives on in various sectors of the economy.
Unfortunately for the bull camp, we think that "dovish spin" will have a short shelf life, especially if today's US unit labor costs report matches expectations of a gain of 3.2% compared to last month's gain of 0.4%...[MORE]
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