Macro Briefing: 23 June 2023

* Biden and India’s President Modi declare “new beginning” for trade disputes
* US economy appears far less sensitive to interest rates than economists thought
* CDC advisors recommend RSV vaccine approval for older adults
* Bank of England raises interest rates by 1/2-percentage point to fight inflation
* Existing home sales edged up in May but remain sharply lower vs. year-ago level
* US existing-home-sales prices fell in May from year ago by most in over 11 years
* Homes for sale dips to lowest on record in May, Redfin reports
* US jobless claims remain relatively elevated vs. recent history
* US Leading Economic Indicator forecasts recession starting late-2023/early 2024:

Gold price takes as a hit as market focuses on Federal Reserve’s ongoing hawkish bias. “If the economy performs as expected, it would be appropriate to perhaps raise rates twice this year,” Powell testified on Thursday before the US Senate Committee on Banking, Housing, and Urban Affairs. “We maintained our rate to give us more time to make these decisions. We are committed to getting inflation under control.” Gold closed down 1.1% yesterday (June 22), falling to below $1,924 an ounce, a three-month low.