FOMZZZZ… But an inflation spike could wake us yet

Bloomberg/John Authers/7-27-2023

“The Fed promised us a nonevent and it delivered — give or take a few comments. The Federal Open Market Committee did indeed raise the benchmark fed funds rate by 25 basis points to the highest level in 22 years at 5.5%. But as that outcome had been rated a 99% probability when Wednesday dawned, it came as no surprise.”

USAGOLD note:  We are not yet out of the inflation woods……Gasoline prices, says Authers, could trigger a surprise summer wake-up call.