President Trump’s speech at the Economic Club of New York was a highlight reel of his best lines. Trump reiterated his criticism of the Fed, boasted about stock market gains under his watch and the strength of the labor market. Trump highlighted the US is at a disadvantage on rates and repeated criticism over the Fed’s pace of race cuts.
On China, Trump delivered some harsh tones that China cheated America on trade, but quickly blamed prior US leaders for allowing it to happen. Regarding the trade war, Trump echoed, “they are dying to make a deal.” He maintained his optimistic stance that a ‘significant’ Phase-One trade deal with China could happen soon.
US stocks remained off their session highs as Trump’s prepared statement provided no new insights on trade. During the Q&A portion, Trump noted, “If we don’t make a deal, we’re going to substantially raise those tariffs.” Lastly, Trump talked about the election and gave his standard economic pitch on why he should be re-elected.
Trump did not deliver any meaningful updates and that is why we saw little action over all asset classes.
Platinum prices fell after South Africa’s largest platinum mining labor union struck a wage deal. The Association of Mineworkers and Construction Union agreement benefits Impala Platinum Holdings Ltd., Anglo American Platinum Ltd. and Sibanye Gold Ltd. Platinum could sink further as the longest mining strike in five years will likely yield limited disruptions in mining.
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