The market moved from expecting two rate cuts to expecting two rate hikes (a 4-rate-decision swing) when Worsh sounded hawkish, but this repriced oil, energy, miners, Hong Kong, and many other assets negatively, while the dollar itself didn't move much, suggesting something else is supporting the dollar.
factualpending
Speaker
Peter BookavarEvidence Quote
“Look, what is it four months ago? People are expecting two rate cuts. Wor comes in. Sounds a little hawkish. Everybody's like, 'Oh,' and of course oil prices go up and inflation numbers go up. It's like, 'Oh, we're not going to get two rate cuts. We're going to get two rate hikes instead.' So the market moves from two rate cuts to two rate hikes. Gold gets smoked. silver gets smoked, a lot of assets get smoked, miners, energy, uh, Hong Kong, and we can come back to that.”
Created: 8/12/2026, 6:20:13 PM
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