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“The Democrat shutdown has drained the Army Corps of Engineers’ ability to manage billions of dollars in projects,” OMB Director Russell Vought said.

Investors are focused on a specific type of lending made by banks to non-depository financial institutions, or NDFIs, as the source of possible contagion.

Gold price (XAU/USD) falls 2% after reaching a record high at $4,379 earlier on Friday, tumbles below $4,250, sponsored by US President Donald Trump’s comment that triple-digit tariffs on China are unsustainable. At the time of writing, Bullion prices hover at around the $4,230 – $4,240 range.

The Australian Dollar (AUD) remains well bid against the US Dollar (USD) on Friday, as US President Donald Trump’s softer stance on trade with China eases risk sentiment. The Aussie is showing resilience even as the Greenback strengthens, supported by Australia’s close trade ties with China.

How do you say cutting rates without saying it? It sure sounds to me like he’s signaling a cut at the October 29 meeting. At present, market pricing is only at 68% for a cut, though one is fully priced in at the December meeting so that might not tee up a big CAD move.

• I hope we can be a bit more forward-looking but there is a lot of uncertainty and we need to be humble about our forecasts
• We expect growth to resume but we expect it to be be soft and probably a little below potential
• Growth is not going to feel very good and it’s certainty not going to be enough close the output gap

Very dovish stuff.

This article was written by Adam Button at investinglive.com.

How do you say cutting rates without saying it? It sure sounds to me like he’s signaling a cut at the October 29 meeting. At present, market pricing is only at 68% for a cut, though one is fully priced in at the December meeting so that might not tee up a big CAD move.

• I hope we can be a bit more forward-looking but there is a lot of uncertainty and we need to be humble about our forecasts
• We expect growth to resume but we expect it to be be soft and probably a little below potential
• Growth is not going to feel very good and it’s certainty not going to be enough close the output gap

Very dovish stuff.

This article was written by Adam Button at investinglive.com.

The Dow Jones Industrial Average (DJIA) found a near-term foothold to wrap up the trading week, rebounding around 260 points from recent lows and fighting to stay on the high side of key moving averages.

S&P 500 futures are now more than 130 off the lows in a massive reversal of earlier losses. Futures are now up 39 points, in part because Trump keeps repeating that he expects China will be ‘fine’.

This article was written by Adam Button at investinglive.com.

The suggestion came amid talks between Russian President Vladimir Putin and President Donald Trump about possible resolutions to Russia’s war in Ukraine.

• Things coming along pretty well

Zelensky also said that he’s confident with US help he can stop the war and that it’s most important for Ukrainians to have security guarantees.

Some times these things can happen quickly. The battlefield has stagnated and the costs are high. Maybe this really is the end? If so, I’d imagine the euro and European stocks are one of the cleanest trades and I wouldn’t want to be long oil.

This article was written by Adam Button at investinglive.com.