Daily digest market movers: Gold stays afloat but off all-time highs
- On Friday, Fed Chair Jerome Powell responded to the latest inflation data, stating it aligned with their expectations and indicating that the Fed would not overreact to these figures. This suggests that the US central bank would remain in a wait-and-see approach toward future monetary policy decisions.
- Following Friday’s report of the Fed’s preferred inflation gauge, the Personal Consumption Expenditures (PCE), a softer reading, sent Gold prices rallying sharply, though it retreated on Powell’s words.
- The ISM Manufacturing PMI expanded by 50.3, above estimates of 48.4, crushing February’s 47.8 reading. The Prices Paid Index increased by 55.8, its highest level since August 2022, when it hit 52.5.
- S&P Global revealed the latest revision of March’s Manufacturing PMI for the United States, which came in at 51.9, up from the previous reading of 52.2.
- After the data release, market participants diminished their bets for a 25-basis-point rate cut in June to 58% from above 60% last Friday.
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