The Fed's decisions will have a greater influence on the prices of raw materials rather than the trend of US GDP.
This is what Goldman Sachs analysts claim in a study which indicates that "raw materials have recently had fluctuations linked to the Fed's expected cuts".
According to analysts, a possible reduction in US interest rates induced by a "more accommodating attitude of the Fed" will therefore determine the prices of the different raw materials.
At this moment - the analysts explain - "a growth in demand prevails and the positive impact of lower interest rates on both demand and supply makes it theoretically difficult to predict the trend in material prices".
"In practice - they continue - the effect of the increase in demand is prevailing on prices, which concerns copper and gold in particular".
This is followed by petroleum products and crude oil, while an effect on the prices of gas and agricultural products, which also depend on climate trends, is excluded.
On crude oil, the effect of a 100 basis point drop on two-year US government bond yields can triple, rising from 3% normally linked to a Fed decision to 9% within 1 or 2 years.
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