{"id":57241,"date":"2022-06-27T10:08:26","date_gmt":"2022-06-27T14:08:26","guid":{"rendered":"https:\/\/www.ino.com\/blog\/?p=57241"},"modified":"2022-06-27T10:24:58","modified_gmt":"2022-06-27T14:24:58","slug":"critical-report-due-on-wednesday-june-29","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2022\/06\/critical-report-due-on-wednesday-june-29\/","title":{"rendered":"Critical Report Due Out On Wednesday"},"content":{"rendered":"<p>Chairman Powell\u2019s testimony before Congress this week painted a dire economic outlook which will include the continued contraction of the national GDP coupled with continued interest rate hikes.<\/p>\n<div align=\"center\" style=\"margin-bottom: 20px;margin-top: 10px;\"><iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/QtYSZWfdot0\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/div>\n<p>During his testimony, it was evident that there was a subtle difference in his word track that was uncharacteristic and a dramatic change from his usual refined method. <\/p>\n<p>The chairman made it clear that the Federal Reserve has one goal in mind above all others and that is to reduce the level of inflation. They emphatically stated that the actions of the Federal Reserve will most likely lead to a recession rather than a soft landing. <\/p>\n<p>Yahoo finance captured his overall demeanor in a most articulate manner saying, \u201cHe said a recession caused by the Fed\u2019s own monetary tightening remains a \u201cpossibility.\u201d <\/p>\n<p>A soft landing, with higher rates but a still-healthy economy, would be \u201cvery challenging\u201d to achieve. And Powell said the Fed\u2019s fight against inflation was \u201cunconditional,\u201d meaning nothing will stand in its way.\u201d<\/p>\n<p>The revisions by the Federal Reserve to their monetary policy most certainly would contract the economy and bring on a recession. <\/p>\n<p>A recession is defined as \u201ca period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.\u201d<\/p>\n<p>The last GDP report revealed that the United States had an economic expansion leading to a 6.9% growth in the GDP for Q4 of 2021. If advanced estimates for the GDP Q1 are correct it will indicate a decrease in the real gross domestic product (GDP) for the first quarter of this year. <\/p>\n<p>The last occurrence of a contracting GDP quarter to quarter occurred during Q2 of 2020. However, the following quarter (Q3 2020) revealed a robust increase in national GDP.<\/p>\n<p>This is why next week\u2019s report is so critical. On Wednesday, June 29 the BEA (Bureau of Economic Analysis) will release the U.S. GDP first-quarter report.<\/p>\n<p>According to the advanced estimate released on April 28, \u201cReal gross domestic product (GDP) decreased at an annual rate of 1.5 percent in the first quarter of 2022, according to the \"second\" estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 6.9 percent.\u201d<\/p>\n<p>Currently, there is a high probability that the actions of the Federal Reserve will lead to a recession. The question is not whether or not the United States will enter recession but rather when the recession will begin and how long the recession will last.<\/p>\n<p><a href=\"https:\/\/assets.ino.com\/img\/sites\/ino\/email\/13487.jpg\"><img decoding=\"async\" src=\"https:\/\/assets.ino.com\/img\/sites\/ino\/email\/13487.jpg\" width=\"800\" height=\"auto\" alt=\"Daily Gold Chart\" class=\"aligncenter size-medium\" \/><\/a><\/p>\n<p>While a recession can stabilize gold pricing, and higher inflation certainly creates a bullish undertone for the precious yellow metal, rising interest rates have become a primary focus on the future price of gold and has pressured pricing lower since March of this year.<\/p>\n<p>Gold has declined just over 12% from the highs of $2070 in March to gold\u2019s current pricing of $1828. While it seems as though there is strong support for gold at $1800 depending on how aggressive the Federal Reserve becomes in regard to further rate hikes.<\/p>\n<p>Besides the GDP report due out on Wednesday, on Thursday the government will release its latest core inflationary numbers when the U.S. PCE price index report is published.<\/p>\n<p>For those who would like more information simply use <strong><a href=\"https:\/\/thegoldforecast.com\/amember\/aff\/go\/Kenny\" target=\"_blank\" rel=\"noopener\">this link<\/a><\/strong>.<\/p>\n<p>Wishing you, as always good trading,<br \/>\nGary S. Wagner<br \/>\n<a href=\"https:\/\/thegoldforecast.com\/amember\/aff\/go\/Kenny\" target=\"_blank\" rel=\"noopener\">The Gold Forecast<\/a><\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Chairman Powell\u2019s testimony before Congress this week painted a dire economic outlook which will include the continued contraction of the national GDP coupled with continued interest rate hikes. During his testimony, it was evident that there was a subtle difference in his word track that was uncharacteristic and a dramatic change from his usual refined [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":41,"featured_media":57242,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6920],"tags":[3270,31704,23,851,31705],"class_list":["post-57241","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ino-com-contributors","tag-gary-s-wagner","tag-gdp-report","tag-gold","tag-recession","tag-the-gold-forecast"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v23.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Critical Report Due Out On Wednesday - INO.com Trader&#039;s Blog<\/title>\n<meta name=\"description\" content=\"On Wednesday, June 29 the BEA (Bureau of Economic Analysis) will release the U.S. GDP first-quarter report.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ino.com\/blog\/2022\/06\/critical-report-due-on-wednesday-june-29\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Critical Report Due Out On Wednesday - INO.com Trader&#039;s Blog\" \/>\n<meta property=\"og:description\" content=\"On Wednesday, June 29 the BEA (Bureau of Economic Analysis) will release the U.S. GDP first-quarter report.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ino.com\/blog\/2022\/06\/critical-report-due-on-wednesday-june-29\/\" \/>\n<meta property=\"og:site_name\" content=\"INO.com Trader&#039;s Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/inocom\/\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-27T14:08:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-06-27T14:24:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.ino.com\/blog\/wp-content\/uploads\/2022\/06\/gdp.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"The INO.com Team\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"The INO.com Team\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.ino.com\/blog\/2022\/06\/critical-report-due-on-wednesday-june-29\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.ino.com\/blog\/2022\/06\/critical-report-due-on-wednesday-june-29\/\"},\"author\":{\"name\":\"The INO.com Team\",\"@id\":\"https:\/\/www.ino.com\/blog\/#\/schema\/person\/d86a8cce826b7bd105200d88bb28a280\"},\"headline\":\"Critical Report Due Out On Wednesday\",\"datePublished\":\"2022-06-27T14:08:26+00:00\",\"dateModified\":\"2022-06-27T14:24:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.ino.com\/blog\/2022\/06\/critical-report-due-on-wednesday-june-29\/\"},\"wordCount\":556,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.ino.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.ino.com\/blog\/2022\/06\/critical-report-due-on-wednesday-june-29\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/wwwtest.ino.com\/blog\/wp-content\/uploads\/2022\/06\/gdp.jpg\",\"keywords\":[\"Gary S. 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