Treasuries and Bullion Affected by Fed Chair Remarks
3/19/2021 8:46:04 AMThe big news of this week was the Federal Reserve meeting and remarks by chairman Jerome Powell. Powell indicated that the Fed would keep rates low through 2023, and Treasury yields spiked Thursday in the wake of his remarks before settling back down. Gold dipped during the spike but still tracked for a week-over-week gain of around 0.8%, hitting $1,750.67 per ounce by 9 a.m. EDT. Palladium had a very good week — it was on track for a 12% gain but will come slightly short of that.
COVID-19 news is mostly positive in the U.S., with cases at their lowest rate since the pandemic started and a vaccine rollout six weeks ahead of schedule. The U.S. hit 100 million doses administered this week. Meanwhile in Europe, some nations reimposed lockdowns as case numbers trended up and some nations suspended use of the AstraZeneca vaccine after concerns about blood clotting issues.
Joe Biden reaffirmed his desire to change tax code, indicating he wanted to raise taxes on those making above $400,000 and lower the burden on middle-class earners.