The mindless mood swings continue regarding the upcoming FOMC meeting, which concludes on Wednesday. Today many markets once again overreacted to the scantest “hawkish” data release, that of the Consumer Price Index for August.

We were treated not to just a raft of soft U.S. data but a flotilla of it. Initial jobless claims were steady, representing the only positive news on the day.

Although nothing spectacular was achieved, gold, silver and U.S. equities found firmer footing today.