Gold Surges to New Highs Amidst 'Trump Trade' Momentum

'Soft' Survey data today (from Philly and Richmond Feds) were better than expected BUT - and it's a big but - inflation expectations are surging once again... Source: Bloomberg ...and current and expected spending on software and equipment (cough AI cough) is plunging? Source: Bloomberg The surge in Prices Paid and Received dominated the downside in capex from the surveys and sent rate-cut expectations (hawkishly) lower again on the day.

.. Source: Bloomberg So with all that said - and ignored - the market is now transfixed on the election... and…