Friday, February 3, 2023 12:49 PM EDT
Those watching the gold price and price of silver will have noticed the sharp uptick following the Federal Reserve’s announcemen. This was despite the Fed doing exactly what everyone expected them to do. For now, the Federal Reserve is sticking to its relatively well-telegraphed plan but how long will it be until they need to move the goalposts in order to do so?
Gold and Silver prices rose sharply on the Fed’s statement on Wednesday. The change of tune from "higher interest rates are needed to fight inflation” to “we might have raised enough and need slow down increases to see” was apparent in both the statement released after the interest rate setting committee’s two-day meeting and in Chair Powell’s press conference.
Gold Price Chart
Silver Price Chart
The committee voted unanimously to raise the fed funds rate by only 0.25% this time around. Also, hinted that there might only be one more similar hike at their next meeting on March 21-22.
The Committee will also update their economic projections and their outlook for the fed funds rate at the March meeting.
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Can't stand the Fed.
They cannot catch inflation, BRICS.