Whatever markets thought on Monday after Pfizer announced salvation from Coronavirus... we are not saved...yet! The brutal reality is we’re still locked on our lifeboat, in the middle of shark (virus) infested seas...
"If you’re going to have a gold standard or even use gold as a reference point for money, if you need to restore confidence in the dollar, the implied non-deflationary price is $15,000 an ounce.”
Where FOMC Chair Powell used his introductory remarks at Jackson Hole to update the Fed’s look at their inflation target, the ECB is clearly still too early in its strategy review for such a formal commitment.