Precious Metals Enjoy a Precious Year

The new economy: ripping GDP with no growth in real personal disposable incomes, and consumer confidence sliding for a fifth straight month.

Key Takeaways

• Fed Jawboning Stirs Steeper-Curve Risk: President Trump is making it clear yet again that he will only appoint a new Fed Chairman who does what he wants (“Anybody who disagrees with me will never be Fed Chairman!”), with Scott Bessent joining in the fray and calling for the Fed to water down its inflation target objective. This supports a steeper Treasury yield curve ahead.