Biden Administration Expands War on Critical Natural Resources

Welcome to this week’s Market Wrap Podcast, I’m Mike Gleason.

Fears of inflation remaining stubbornly high, and interest rates going higher, rattled financial markets this week.

On Wednesday, the Federal Reserve left its benchmark funds rate unchanged as expected. However, Fed chairman Jerome Powell left the door open for another hike in the near future. He also suggested rates may need to stay higher for longer than previously expected.

By Thursday, investors were fleeing from stocks and bonds. The S&P 500 broke down to a three-month low as long-term bond yields surged to their highest levels in more than a decade.

There were few places for investors to find shelter from the carnage except in precious metals markets.