Gold futures fell three sessions in a row after Federal Reserve Chairwoman Janet Yellen’s semi-annual testimony last Tuesday, July 15. Overall, Yellen’s comments to the United States Senate were “dovish” in nature, warning against spiking interest rates on the back of sooner-than-expected employment gains. “If the labor market continues to improve more quickly than anticipated…
Fed to Taper Another $10 Billion
As many expected, the Federal Reserve has decided to taper another $10 billion from its monthly bond-buying program. Wednesday’s decision follows the $10 billion reduction from last month and drops asset purchases down to $65 billion per month. Amid recent economic data, the Fed chose to continue their plan to exit monthly purchasing that initially…
Brace for it: Janet Yellen Confirmed as Fed Chair
After months of wondering, we finally have confirmation: Janet Yellen is the next chair of the Federal Reserve. Her first day is February 1, after Ben Bernanke completes his term this month. Votes were 56 to 26 in her favor on Monday, though many senators were absent because of the poor weather in Washington. Those…
Yellen Talks Gold at Senate Hearing
Fed Chair nominee Janet Yellen spoke briefly about gold prices today during the Q&A session with the Senate at her confirmation hearing. After the opening statements and answering questions regarding employment, quantitative easing and the monetary policy, Senator Dean Heller of Nevada asked Yellen if she knows why gold prices fluctuate and if the economy…
Weak Economy Halts Taper Talk
To nobody’s surprise, the Federal Open Market Committee will continue its monthly bond-buying program due to a weak economy. With the labor market reporting its lowest gains in six months, the FOMC statement said the economy has maintained the same “moderate” pace reported in September. As a result, the $85 billion-per-month in asset purchases will be…
Summers Removes Name From Fed Consideration
Larry Summers has withdrawn his name from consideration for the Federal Reserve Chairman position. Current Fed chair Ben Bernanke is expected to step away when his term ends in January, and Summers was considered by many to be the favorite to replace him. Summers, an economic adviser for the White House and former Treasury secretary,…
