Should markets listen to a hawkish Powell or just watch the data?

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With no real monetary policy guidance, market expectations are stuck at a 50/50 chance that the U.S. central bank will raise interest rates by 50 or 75 basis points next month. This uncertainty means that gold prices are probably stuck at $1,750 an ounce. Ahead of Powell's comments, the U.S. Department of Commerce said its core Personal Consumption Expenditures Index increased 4.6% in July, down from June's annual increase of 4.8%.

With economic conditions so fluid, we will have to pay attention to the data, which is not painting a very rosy picture. Tighter financial conditions, caused by rising Fed Funds rates, are starting to take effect.

Source: Financial Digest (financialdigest.net)

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