Mostly: Classical

[ItsAllCyclical]

I think they may raise at this next meeting, but even if they do I'm assuming we'll get more clear signals that they are going to pause for a while. Between high oil prices, war in the ME, signs that the economy is already slowing down and the lagging impact of both interest rates and CPI I suspect that's the case. Of course the volume today in gold shares leaves much to be desired. Looks like a trading range for gold and PM shares for the next few months. I wanted a bit higher core in case I'm wrong and gold does continue to strengthen, but I"m nowhere close to being convinced we're out of the woods yet.

Ben's speech today obviously convinced the markets he's more dovish as they went from 90% chance of hike in August after CPI to around 50/50 and almost nothing after that. Obviously data dependent.