Warsh-driven repricing of Fed hikes, higher yields and a stronger dollar are already pushing GLD lower and pose near-term downside risk.
SPDR Gold Shares (GLD) faces near-term headwinds after Kevin Warsh's Jackson Hole remarks raised September rate-hike odds and pushed yields and the dollar higher, which historically pressures gold. The article reports an immediate drop in GLD as markets repriced tighter policy and volatility rose.
Rising rate-hike odds and higher yields coincided with a drop in the S&P 500 ETF, indicating near-term headwinds for SPY.
Long-duration Treasuries were sold as markets repriced tighter policy, directly hurting TLT's price.
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