Market Update – June 16/21

The US Federal Reserve officials signaled that the pace of the U.S. economic recovery from the pandemic is bringing forward their expectations for how quickly they will reduce policy support.

Chair Jerome Powell told a press conference Wednesday that officials had begun a discussion about scaling back bond purchases after releasing forecasts that show they anticipate two interest-rate increases by the end of 2023, projecting a faster-than-anticipated pace of tightening

“The economy has clearly made progress,” Powell said, noting that policy makers had debated how far the economy has traveled toward their threshold for scaling back US$120 billion in monthly bond purchases. “While reaching the standard substantial further progress is still a ways off, participants expect that progress will continue,” he said.

“You can think of this meeting as the talking-about-talking-about meeting, if you like,” he added in Fed speak.

With the expectation of rate hikes, the bond market dropped pushing yields higher.

Stocks dropped, with the S&P 500 down 22.89 points or .54%

The Canadian TSX was flat today

$US was flat for the day

$CAD continued its decline on $US strength.

Gold took it on the chin, down $45.00, mainly due to $US strength.

Stay tuned!

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