Today, a joint appearance by America’s most powerful economic policymakers testified before the US House of Representatives Financial Services Committee to discuss its methodology for helping those affected by the resurgence of new coronavirus cases. . Both economic policymakers offered different images of the current state of the American economy. The Treasury secretary had a more optimistic forecast, saying that he “expects a rebound in the second half of the year,” while President Powell was less optimistic about his forecast.
Both economic policymakers cited some optimism when President Powell acknowledged better-than-expected May employment numbers, and Secretary Mnuchin said: “We are in a strong position to bounce back because the Trump Administration worked with Congress bipartisan to pass legislation and provide liquidity to workers and markets in record time. “
However, President Powell’s testimony was much less optimistic when he said that the economic future is “extraordinarily uncertain.” Powell added: “We have entered an important new phase and we have done so earlier than expected. While this rebound in economic activity is welcome, it also presents new challenges, in particular the need to keep the virus under control. “
At the same time, Dr. Anthony Fauci and Dr. Redfield testified during a Senate hearing about the recent surge in new Covid-19 cases. During this testimony, Dr. Fauci warned: “The number of new infections in the United States could more than double to 100,000 per day if the country fails to contain the increase that is now underway in many states.” The nation’s leading infectious disease expert said “the recent sharp increase in cases, mainly in the south and west, puts the entire country at risk.”
According to the New York Times, “The number of new virus cases in the United States has increased 80% in the past two weeks.” The article cited that “cases increased dramatically in many of the states that were the first to reopen, including Florida and Texas, which recently forced bars to close again. More than 4,600 new cases of the virus were announced Tuesday in Arizona, … as Oklahoma and South Carolina also reported one-day highs. California’s case count has exploded, surpassing 220,000 known infections. “
Despite US equities rising sharply on the last trading day of the second quarter, gold staged a dynamic recovery with August gold futures trading to today’s high of $ 1804. This is the highest intraday high. Since 2012. Although gold is trading at $ 1,799.20, just below $ 1,800, our technical studies indicate that this is not the case, but when will we see the gold challenge and close above $ 1800 per ounce. Our studies also indicate that gold could be trading up to $ 1880 by the end of 2020.
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Wishing you good trade and good health as always,
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