Silver Punches Through $17 As Powell Plays T-Ball With The Mainstream Financial “Press”

The Fed has held interest rates steady as the “market” expected, and gold & silver are on the move…

Update 1:

Silver is doing battle at $17:


Even with the softball questions, it is becoming obvious that Powell is having trouble maintaining the narrative.

Editor’s Notes:

Check-out our Midweek Update here for a midweek assessment of the markets.

They may not allow chat, or comments, but at least google hasn’t disabled the “thumbs down” feature:

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(Silver Doctors Editors) The Fed has held interest rates steady as the “market” expected the Fed to do.

Here’s a look at gold & silver’s muted reaction the minute the FOMC Statement hit the tape:

Remember, however, that the “markets” had been pricing-in a Fed hold for pretty much an entire month, so in addition to the actual statement, this press conference will likely be what matters.

Watch Fed Chair Powell’s “press conference”:

Just don’t get to thinkin’ anybody can call in to ask a question or make a comment like viewers did on Silver Doctors Live today.

Here’s the entire statement, pasted from

Information received since the Federal Open Market Committee met in October indicates that the labor market remains strong and that economic activity has been rising at a moderate rate. Job gains have been solid, on average, in recent months, and the unemployment rate has remained low. Although household spending has been rising at a strong pace, business fixed investment and exports remain weak. On a 12‑month basis, overall inflation and inflation for items other than food and energy are running below 2 percent. Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations are little changed.

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee decided to maintain the target range for the federal funds rate at 1‑1/2 to 1-3/4 percent. The Committee judges that the current stance of monetary policy is appropriate to support sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee’s symmetric 2 percent objective. The Committee will continue to monitor the implications of incoming information for the economic outlook, including global developments and muted inflation pressures, as it assesses the appropriate path of the target range for the federal funds rate.

In determining the timing and size of future adjustments to the target range for the federal funds rate, the Committee will assess realized and expected economic conditions relative to its maximum employment objective and its symmetric 2 percent inflation objective. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments.

Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; James Bullard; Richard H. Clarida; Charles L. Evans; Esther L. George; Randal K. Quarles; and Eric S. Rosengren.

Implementation Note issued December 11, 2019

Here’s a look at the red line, which tracks the changes in the Statement from one meeting to the next: