business 📉 Silver tanks as Fed signals rate hike risk
Spot silver dropped 4.17% after Fed Chair Warsh revived the risk of a September rate hike. This happened with the dollar rising 0.56% to 99.688 and the 2-year yield jumping to 4.35%. The Fed funds futures updated September hike odds from 35.4% to 57.5% during the session. Silver took a harder hit than gold because of concerns over industrial demand slowing down. Investors are now watching employment and inflation data before the September 16 meeting. 📉