Maybe as a sign that Chinese New Year holiday week is almost over, but Gold actually rallied overnight in London for the first time this week. But, as usual, that party ended as soon as Comex opened.
The news today was pretty benign. The CPE, the core CPE and the consumer income/spending data were all in line with expectations. As a result, the most likely outcome at next week's FOMC is a simple 25 basis point fed funds hike, followed by maybe one more in March....
