Silver Prices Dip to $22.6 Amid Altered Fed Rate Outlook
Silver prices fell to approximately $22.6 per ounce following investor expectations that the Federal Reserve would not lower interest rates in March. This sentiment arose after Fed Chair Powell indicated that monetary policy easing early in the spring was improbable. However, Powell's decision to stop suggesting further rate hikes led investors to anticipate 140 basis points in Fed rate cuts for the year, an increase from the previously estimated 130 basis points—the decline in the U.S.
Treasury yields and financial difficulties faced by the regional bank New York Community Bancorp also bolstered the appeal of silver as a secure investment. Attention is now turning to upcoming economic indicators, including weekly jobless claims, the ISM PMI reports on Thursday, and the crucial monthly employment report on Friday. Additionally, the price of XRPUSD is now above the weekly pivot.