Trade war concerns remain the dominant theme in the markets. Dow futures have collapsed 500 points and other global indices were sharply lower at the time of writing after China retaliated overnight to a slate of trade measures launched by the US government hours earlier aimed at narrowing China’s vast trade surplus with America.
His hand didn’t shake. Powell hiked interest rates at the first FOMC meeting with him as the Chair. But the key factor for the gold market is what he signaled about the future path of the federal funds rate.