Given that some traders started pricing in expectations that the Fed will push interest rates below zero next year, Powell’s remarks could be interpreted as more hawkish than expected and, thus, as negative for the gold prices. The introduction of NIRP could push the yields even lower. This is bad news for the gold market, as the yellow metal shines when real interest rates are very low or even negative. The committee’s view on negative rates really has not changed. I know that there are fans of the policy, but for now it’s not something that we’re considering. He noted that the evidence on the effectiveness of these monetary policy experiments conducted by the Bank of Japan and the European Central Bank “is very mixed”. The Fed Chair rejected the idea of negative interest rates. One is negative, while two are good for the gold market.

Indeed, the facts and Iraq's behavior show that Saddam Hussein and his regime are concealing their efforts to produce more weapons of mass destruction.There are three key takeaways from Powell’s speech. The facts on Iraq's behavior demonstrate that Saddam Hussein and his regime have made no effort - no effort - to disarm as required by the international community. What you will see is an accumulation of facts and disturbing patterns of behavior. But what I can share with you, when combined with what all of us have learned over the years, is deeply troubling. I cannot tell you everything that we know. Other sources are people who have risked their lives to let the world know what Saddam Hussein is really up to. Some of the sources are technical, such as intercepted telephone conversations and photos taken by satellites.

The material I will present to you comes from a variety of sources. I might add at this point that we are providing all relevant information we can to the inspection teams for them to do their work. My second purpose today is to provide you with additional information, to share with you what the United States knows about Iraq's weapons of mass destruction as well as Iraq's involvement in terrorism, which is also the subject of Resolution 1441 and other earlier resolutions. ElBaradei reported, Iraq's declaration of December 7, 'did not provide any new information relevant to certain questions that have been outstanding since 1998.' Blix reported to this council on January 27th, 'Iraq appears not to have come to a genuine acceptance, not even today, of the disarmament which was demanded of it.'Īnd as Dr. I asked for this session today for two purposes: First, to support the core assessments made by Dr. Inspectors are inspectors they are not detectives. This council placed the burden on Iraq to comply and disarm and not on the inspectors to find that which Iraq has gone out of its way to conceal for so long. We laid down tough standards for Iraq to meet to allow the inspectors to do their job. No council member present in voting on that day had any illusions about the nature and intent of the resolution or what serious consequences meant if Iraq did not comply.Īnd to assist in its disarmament, we called on Iraq to cooperate with returning inspectors from UNMOVIC and IAEA. Resolution 1441 gave Iraq one last chance, one last chance to come into compliance or to face serious consequences. Resolution 1441 was not dealing with an innocent party, but a regime this council has repeatedly convicted over the years. Iraq had already been found guilty of material breach of its obligations, stretching back over 16 previous resolutions and 12 years. The purpose of that resolution was to disarm Iraq of its weapons of mass destruction. Last November 8, this council passed Resolution 1441 by a unanimous vote. This is important day for us all as we review the situation with respect to Iraq and its disarmament obligations under U.N. Secretary General, distinguished colleagues, I would like to begin by expressing my thanks for the special effort that each of you made to be here today. Secretary of State Colin Powell's presentation to the U.N.

Powell speech