~*~Mining and Metals Du Jour~*~

[ConferredDiligence]

Yep, no justification for it today, dollar is flat/down, 10 year is flat/down, just another non-relenting take down on every uptick.

The only catalyst was the Powell interview where the words "hike" and "Hawkish" were mentioned, IMO specifically for the purpose of algos to take PM's down of coarse.

Rabo: Powell Can't Wait To See "Actual Inflation" To Hike... But What Do We Have Right Now

Inflection/Infection Point
If you are still in the camp that all that really matters is what central banks say, then note “the US is now at an inflection point”. So says Fed Chair Powell on CBS TV. While positive, this does seem to lean in a more hawkish direction: could his credibility be “Gone in 60 Minutes”, after repeated messaging that rates are on hold for years to come? Or is this a special kind of inflection point which still necessitates the lowest rates and most QE ever? It seems so, as Powell added: “We can wait to see actual inflation before we raise interest rates.” What do we have right now, chopped liver?! Yet the primary concern for the Fed is not inflation, but infection. If Covid gets worse again, then the Fed needs to be there: but what if infection doesn’t?

https://www.zerohedge.com/markets/rabo-powell-cant-wait-see-actual-inflation-hike-what-do-we-have-right-now