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26 January 2023 | Other

Metals are traded in narrow price range ahead of Fed’s meeting

Brent
WTI Light Crude Oil

The price of metals still remains the same. That stability, in its turn, is related to the upcoming release of official statistics and the meeting of the Federal Reserve System (FRS) in the United States.

Global investors are awaiting the U.S. Federal Reserve's meetings on January 31 and February 1. According to CME Group, almost 98% of the surveyed analysts expect the regulator's discount rate to rise just 25 basis points to 4.5-4.75%.

In addition, the U.S. GDP data will be released today. The fresh statistics is likely to show 2.6% year-on-year growth in the fourth quarter of last year.

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