Producers of metals and other raw materials gave back some recent gains as traders digested Federal Reserve Chairman Jerome Powell's Friday statement on the central bank's rate policy stance.
One strategist said Powell's tacit promise of a September rate cut was conditional on inflation and employment data supporting his thesis.
"There's still plenty of wiggle room for the Fed to reverse course," said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management. "Even though it was initially interpreted as 'Oh my God, Powell's on board!...The Fed's cutting, bigtime!' There's still more data for a data dependent Fed which could certainly influence things."
Inflation-sensitive gold futures remain near all-time highs.
Worries that New World Screwworm, the disease that has wrought havoc on Central American and Mexican imports, found its way into the U.S. cooled down live cattle futures.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
August 25, 2025 17:43 ET (21:43 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.

