Gold is up 68% for the year. - Getty Images/iStockphoto Gold reaching a new record high is evidence the “great debasement trade” is back on, says one strategist. Robin Brooks, the senior economist at the Brookings Institution and previously chief currency strategist at Goldman Sachs, made his comment as gold surged past $4,400 an ounce. Most Read from MarketWatch In a post on Substack, Brooks wrote that the upswing is a direct result of the most recent interest-rate reduction from the Federal Reserve ...

Group 1: U.S. Dollar Performance - The U.S. dollar remained stable against major currencies, with a slight decline of 0.11% against the Swiss franc and a decrease of 0.08% against the Japanese yen [1][6] - The dollar index, which measures the dollar against a basket of currencies, was little changed at 97.25 [4] Group 2: Federal Reserve Commentary - Federal Reserve Chair Jerome Powell emphasized the need to balance high inflation risks with a weakening job market in future interest rate decisions [2] - Fed Vice Chair Michelle Bowman indicated that the Fed may need to accelerate rate cuts if demand weakens and layoffs occur [3] Group 3: Market Reactions and Expectations - Money markets are pricing in a nearly 90% chance of a rate cut in October, slightly down from 92% the previous day [5] - The Swedish krona appreciated by 0.19% against the dollar following a hawkish 25-basis-point rate cut by the Riksbank, which analysts noted was somewhat surprising given the meeting guidance [6]