"Stocks retreated globally as a rout in gold and silver extended a broad flight from riskier assets. The S&P 500 was set to open 0.7% lower after sliding as much as 1.5%. Gold headed for its steepest three-day drop since 1980 as a record-breaking rally unraveled at breakneck speed. Silver extended losses to 40% over the same period. Treasuries posted modest gains, with the 10-year yield falling two basis points to 4.22%."
"At the same time, investors are reassessing valuations and recalibrating expectations for monetary policy under a potential Warsh-led Fed. With the pick of Warsh - an economist known as much for his fierce criticism of the central bank as his views on monetary policy - the debate has abruptly shifted from short-term rates to the Fed's $6.6 trillion balance sheet and its very role in markets."
Global equity markets retreated as a steep selloff in gold and silver triggered broad de-risking across regions. The S&P 500 moved lower after an earlier slide, while gold posted its steepest three-day decline since 1980 and silver plunged about 40% over the period. Treasuries saw modest gains with the 10-year yield easing and the dollar retained recent strength. Bitcoin steadied near $77,000 following a weekend selloff. Market stress reflected reassessments of valuations after an AI-driven rally and heightened focus on potential Federal Reserve policy shifts tied to a Warsh nomination and the Fed balance sheet.
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