Episode 5: Philip Newman, Metals Focus

Welcome to the Diamond Standard podcast Clarity.

In Episode Five, hosts Managing Director Amelia Bourdeau and Director Neshiva Chan are joined by Philip Newman, Managing Director - Metals Focus.

Note: This episode was recorded June 15, 2023, the day after the Fed paused at the June FOMC, as referenced in our discussion. At that time, fed fund futures expected one more 25bp rate hike and was moving toward pricing out rate cuts for 2023. Currently, a 25bp rate hike is priced in for the July FOMC and approximately a 15% probability of an additional 25bp rate hike in for the September FOMC. Rate cuts have been priced out for 2023 and approximately 150bp of rate cuts are priced in for 2024. So, the expectations have shifted to be less hawkish ahead for 2024. Post the downside surprise for US June core ...