Europe is firmly back in the news again, with the European Central Bank hinting that it may resort to further easing measures in order to relieve the pressure on Spain. Benoit Coeure, executive director at the European Central Bank, pointedly noted yesterday that market fears over economic problems in Spain were "not justified." He remarked: "Will the ECB intervene? We have an instrument, the securities markets programme (SMP) which hasn't been used recently but it still exists."
The news on gold and silver price action remains essentially the same as yesterday, with both metals flat in trading over the last 24 hours, though platinum and palladium have been forced lower by weakening market sentiment, along with industrial commodities. Despite the International Energy Agency’s comments about rising global crude oil inventories, crude oil futures gained yesterday on news of smaller-than-expected increases in US reserves. Oil price fundamentals remain bullish, with a rise in US economic activity increasing petrol demand in the states and Middle Eastern tensions still simmering.
Oil price gains are of course also linked to Federal Reserve policy, and investors will be paying close attention new inflation data from the Bureau of Labor Statistics today and tomorrow. Producer prices are up more than expected on last month (0.4%, against a 0.3% consensus estimate). Month-on-month core prices rose 0.3% – again beating the consensus estimate of a 0.2% gain. CPI figures will be announced tomorrow. The Fed will be paying close attention.
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The Fed And Inflation
Published 04/13/2012, 01:28 AM
Updated 05/14/2017, 06:45 AM
The Fed And Inflation
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