Meeting Minutes from the U.S. Fed’s recent policy

Meeting Minutes from the U.S. Fed’s recent policy meeting indicate that the Fed is somewhat concerned over continued stimulus measures, like Operation Twist, and their potential to cause deterioration in the treasury market as the government becomes a bigger player in the $11 trillion arena. The minutes also indicate that Fed officials will need to see more evidence that the U.S. economy is in need of a QE3 before they move forward in an attempt to reverse the trend of a slowing economy. That evidence won’t come in the form of initial jobless claims which were reported to have fallen 26K to 350K…a four-year low not seen since March of 2008. However, as more and more of the world’s larger central banks have moved aggressively to stem the tide of a slowing global economy one would think it’s only a matter of time before the U.S. feels compelled to join the fight. Weighing heavily on investor sentiment this morning are concerns over the implementation of the European Stability Mechanism. While the overall idea of the ESM initially garnered cheers from investors the fact that the plan will take some time to get set-up is sinking in and has many concerned that it won’t be ready in time to help the likes of Spain and Italy. Spanish bond yields a creeping back toward the psychological level of 7%. The precious metals complex is under pressure this morning with many of the metals shedding more than 1% in early trading. Have a great day!

 

Metals	Last	%Change	Low	High
Au-Aug	1558.4	-1.09%	1555.7	1577.9
Pt-Oct	1410.8	-1.45%	1405.7	1431
Pd-Sep	573.25	-1.66%	572.05	582.25
Ag-Sep	26.575	-1.65%	26.425	27.140
London	AM	PM	Minor	PGMs
Au	1565.5		Rh	1250
Pt	1412	1410	Ru	115
Pd	575	574	Ir	1100
Ag	26.67	DJI	12563.58	-0.32
Currencies
	USD	EUR	JPY	GBP
USD	0	0.8204	79.25	0.6473
EUR	1.218	0	96.539	0.78876
JPY	0.01259	1.03542	0	0.008162
GBP	1.54428	1.2677	122.37	0
Oil	Last	%Change	Low	High
Brent - Sep	98.59	-1.10%	98.41	98.84
WTI - Sep	85.1	-1.26%	84.84	86.51
*THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES