Gold Is Waking Up to the Warsh Fed - Bloomberg.com
Gold Is Waking Up to the Warsh Fed - Bloomberg.com
Source: Bloomberg.com
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DW NOTE
Kevin Warsh hasn't even been confirmed and gold is already trading the assumption that a monetarist Fed chair means tighter money. The metal fell 19% from its January high as Hormuz reopened and energy prices collapsed — but just rallied 6.8% in a week as 10-year yields pushed above 4.6%. The market is pricing precisely what Warsh would deny: that the Fed still controls the unit of account.