Post Powell Thursday

The Comex precious metals have continued higher this morning following the rally of late Wednesday. Powell’s press conference comments, combined with some additional stagflationary data, have even allowed the continued rally in the face of bouncing POSX. OK, I’ll take it.

So let’s start with a summary of yesterday. Powell essentially did everything we expected him to do. He hiked…but just 50 bps. He announced QT…but started it off slowly. And he was very cautious in his wording…”less hawkish than expected”. The result has been a very nice rally in the Comex PMs and, to my…

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