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Stocks, Bonds, & Gold Spike As Dollar Dives After Powell's Dovish Remarks
07-10-2019, 08:56 AM,
#1
Stocks, Bonds, & Gold Spike As Dollar Dives After Powell's Dovish Remarks
Stocks, Bonds, & Gold Spike As Dollar Dives After Powell's Dovish Remarks

<p>A <em><strong>'dovish-er' than expected</strong></em> set of prepared remarks from Fed Chair Powell has sparked a bid in bonds, stocks, and gold as the dollar takes a dive ahead of his testimony late this morning.</p>

<p>Dow futures love the bad economic news... are up 150 points on Powell's promises...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2019-07-10_5-41-50.jpg?itok=6W8ECIEr" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2019-07-10_5-41-50.jpg?itok=6W8ECIEr"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-07-10_5-41-50.jpg?itok=SulbYhvV 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-07-10_5-41-50.jpg?itok=SulbYhvV 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-07-10_5-41-50.jpg?itok=SulbYhvV 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=SulbYhvV 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-07-10_5-41-50.jpg?itok=SulbYhvV 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2019-07-10_5-41-50.jpg?itok=6W8ECIEr 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="807e1e58-e2ba-4186-a5c9-798c4eb76e7a" data-responsive-image-style="inline_images" height="325" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2019-07-10_5-41-50.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p> </p>

<p>The dollar is rapidly pulling back from the pre-FOMC levels it has recovered to...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm89E9.jpg?itok=EF1mTs4W" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm89E9.jpg?itok=EF1mTs4W"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm89E9.jpg?itok=wi99fq-R 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm89E9.jpg?itok=wi99fq-R 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm89E9.jpg?itok=wi99fq-R 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=wi99fq-R 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm89E9.jpg?itok=wi99fq-R 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfm89E9.jpg?itok=EF1mTs4W 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="935d9fd1-b15c-4d11-b1a0-82750899f5a3" data-responsive-image-style="inline_images" height="260" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfm89E9.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p>And as the dollar dives, investors are buying gold...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2019-07-10_5-45-15.jpg?itok=4bFzD4rP" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2019-07-10_5-45-15.jpg?itok=4bFzD4rP"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-07-10_5-45-15.jpg?itok=l5IWEFw3 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-07-10_5-45-15.jpg?itok=l5IWEFw3 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-07-10_5-45-15.jpg?itok=l5IWEFw3 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=l5IWEFw3 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-07-10_5-45-15.jpg?itok=l5IWEFw3 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2019-07-10_5-45-15.jpg?itok=4bFzD4rP 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="75d884d6-39d1-417f-9c94-4206e9421d01" data-responsive-image-style="inline_images" height="326" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2019-07-10_5-45-15.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p>And bonds (also yields diving from the pre-FOMC levels)...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfmA4FB.jpg?itok=ttRMkYSs" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfmA4FB.jpg?itok=ttRMkYSs"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmA4FB.jpg?itok=1zKg7CvP 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmA4FB.jpg?itok=1zKg7CvP 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmA4FB.jpg?itok=1zKg7CvP 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=1zKg7CvP 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmA4FB.jpg?itok=1zKg7CvP 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfmA4FB.jpg?itok=ttRMkYSs 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="3def4243-3c04-4d24-9955-fad6a52adbe8" data-responsive-image-style="inline_images" height="261" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfmA4FB.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p>Powell’s remarks suggest he is comfortable with market pricing of an interest rate cut at the end of July. This was an opportunity to push back against those expectations if he wanted to, and he did just the opposite. <strong>July rate-cut odds are back at 100% (from 92.5% pre-remarks).</strong></p>

<p> </p><img src="http://feeds.feedburner.com/~r/zerohedge/feed/~4/EGTzMaQehiA" height="1" width="1" alt=""/>


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