Gold Surges Higher, Posting Huge Gains as COVID-19 Spreads Through North America

The Federal Reserve has cast caution to the wind, shattering their previous projection of “no expected rate cuts in 2020” with nearly ten months remaining in the year.

This quick change in course occurred on Tuesday, as the Federal Reserve, led by Chairman Jerome Powell, held an unexpected emergency meeting in which they slashed rates by 50 basis points, making the new effective Fed funds rate 1.0–1.25%.