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  • Squawk / Yesterday at 19:11 GMT
    Head of FX Strategy / Saxo Bank
    FOMC December statement: the expected rate hike is here but otherwise extremely minor changes of language in the new statement that hardly mark any shift in the Fed's stance from the November statement (see line by line edits in the attached graphic below. The initial reaction is that this is slightly dovish, given a rather hawkish lean coming into today (Fed expectations for 2018 near highs for the cycle). And this time around, the Chicago Fed's Evans added a dovish dissenting votee to the always dovish Kashkari "no hike" vote.If anything hawkish is to emerge, it will be in the Yellen press conference up shortly. So far, US treasuries are bid and the USD is lower.

    There was a solid upgrade to expected GDP in 2018 (to 2.5% from 2.1%) and smaller upgrades for 2019 and 2020, perhaps as the Fed thinks that tax reform is likely to happen and that it could push growth a bit higher. But the inflation projection was only raised 0.1% for next year and not at all thereafter.
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  • Squawk / Yesterday at 8:11 GMT
    Head of Commodity Strategy / Saxo Bank
    Gold and silver remain on the defensive ahead of today's rate decision from the FOMC. The four rate hikes seen so far in this cycle all signaled a local low in the price of gold. The longest delay occurred following the June 14 rate hike when gold only hit a low point 18 days later before eventually recovering.
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    Daniel CN Daniel CN
    looking at the long term price chart of gold, adding falling demand (especially in Asia; the China 2006 nuclear boost by allowing gold vanishes) one wonders: do...
  • 1d
    John Shaw John  Shaw
    Not too many sane thinking deficit hawks left in Washington there Mike.
    Corker and Paul are pretty much about it.
    Saxo user tired of spam Saxo user tired of spam
    Saxo, please stop sending me this spam in my notifications in the trading app.

    Thanks a lot
  • 3d
    Madjid Madjid
    Have a happy christmas and new year KVP, my hat off to you about the Bitcoin call. see you next year
    Market Predator Market Predator
    Hello KVP, thanks to you and wing men for Macro Monday format in 2017. All the best in 2018.
    Kay Van-Petersen Kay Van-Petersen
    Thanks you Madjid. Thanks MP.

    Its been a challenging year for Global Macro, but as we've showed - so long as you manage the downside, keep focused...