sunshineprofits.com / ARKADIUSZ SIEROŃ / JULY 20, 2017
Last week, Trump nominated Quarles to the Federal Reserve board. What does it mean for the gold market?
The Bank of Japan kept policy unchanged yesterday, so markets were little moved. Investors await now the ECB meeting – the euro appreciated against the U.S. dollar amid the monetary policy statement. If Draghi is less hawkish than expected, the greenback will probably rebound, which could hurt gold. We will analyze the ECB’s decision in the upcoming days – today we would like to cover Trump’s recent nomination.
The U.S. president has chosen Randal Quarles for the Federal Reserve’s vice chair for supervision post. He previously worked in the Treasury during George W. Bush’s administration and as a partner in the private equity company Carlyle Group. Quarles currently runs a private investment firm Cynosure Group. The selected candidate, if approved by the Senate, would fill one of the three vacancies in the Board of Governors. He would also replace Daniel Tarullo – the former Federal Reserve governor, who– as Federal Reserve’s top banking regulator.