The rally spanned producers of metals and grains, reflecting a broader market reaction to the prospect of cooling inflationary pressures. Waller conditioned his support for a pause on the upcoming August inflation data, suggesting the central bank is nearing the end of its aggressive tightening cycle. Among the most significant movers, gold futures climbed 2.9%, pushing the precious metal toward the $4,500-per-ounce threshold.
In section Market Quotes
Raw Materials Rally as Fed Signals Potential Rate Pause
Federal Reserve Governor Christopher Waller hinted at a potential interest rate hold for the September meeting, triggering a sharp slide in the U.S. dollar. The shift in monetary sentiment provided immediate momentum for commodity markets, which surged as investors recalibrated their positions against a softening greenback.
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