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Gold has dropped below $2,000/oz as silver tests support at $22.25 after recent U.S. inflation data was higher than anticipated. Meanwhile, platinum pulled back below the $880 level.
On Tuesday, the Dow Jones Industrial Average and other major stock indices experienced significant declines following the release of hotter-than-anticipated inflation data for January. Despite a modest easing of inflation rates, the figures remained persistently high, with the Consumer Price Index (CPI) rising by 3.1% year-over-year and 0.3% from the previous month, surpassing economists' expectations for a slowdown to 2.9% annually and a 0.2% monthly increase. This unexpected inflation persistence led to a market downturn, with the Dow dropping by 490 points (or 1.3%), and similar declines in the S&P 500 and Nasdaq Composite. The anticipation built around the Federal Reserve's potential interest rate cuts, now largely expected by traders to commence in June or July, reflects the market's reaction to inflation trends and monetary policy prospects.
New York Community Bancorp (NYCB) experienced a volatile trading day, ultimately closing with a slight decline of 0.2% at $4.89, despite an initial surge of over 7% earlier. This change reflects the bank's ongoing efforts to regain investor trust following a surprising quarterly loss reported on January 31, attributed to its loans connected to the troubled U.S. commercial real estate market. Additionally, the bank's decision to cut its dividend has played a significant role in the recent share price volatility. These moves are part of NYCB's strategy to stabilize its stock price and reassure shareholders of its financial health and strategic direction amid challenges in the real estate sector.
The January Consumer Price Index (CPI) report delivered a hotter than expected outcome, defying anticipations for a significant decrease in the year-over-year inflation rate. Instead of dropping to the forecasted 2.9% from the previous 3.4%, the CPI saw a year-over-year increase of 3.1%, dampening hopes for inflation cooling to below 3%. On a month-over-month basis, consumer prices rose by 0.3%, surpassing the expected 0.2%.