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Gold Jumps After Mnuchin Says “Less Concerned About Inflation Than Economic Growth”

In a potentially revealing glimpse of what is to come from the next Fed head, Treasury Secretary Steven Mnuchin, speaking during a Politico forum, told the audience:

“Although we respect the Fed’s independence, we are concerned about economic growth. We’re doing everything we can — whether it’s tax reform, whether it’s regulatory relief, whether it’s trade — to create economic growth. And we’re less concerned about inflation at the moment.”

Seemingly suggesting that the administration will do “whatever it takes” to get economic growth (cough QE moar cough), no matter what inflationary impact.

The reaction was quick – Gold jumped to the high of the day and USDJPY spiked lower – but no follow through for now…

Mnuchin also replayed Trump’s comments on Yellen, saying he “respected her” and “enjoys working with her” perhaps in some further conditioning for the market that Yellen may be asked to stay around (as long as she remains uber-dovish, perhaps).

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