Central banks’ reactions to rising inflation weighing on gold prices, says TD’s Bart Melek

Thank you for inviting me here today. Let me also thank those at all 12 of the Reserve Banks, the Board of Governors, and the staff at FedCommunities for their efforts to bring this year's National Community Investment Conference (NCIC) to life, and a special thanks to the San Francisco Fed for hosting the conference here in Phoenix.1 Thirty years ago, I visited neighborhoods in the South Bronx alongside then-Treasury Secretary Robert Rubin. Instead of the blighted neighborhoods that for years had attracted such negative attention, we saw new homes, safer streets, small businesses thriving, and a strong sense of community pride. What we saw was the power of public–private partnerships, community development financial institutions, the low-income housing tax credit, and above all, the Community Reinvestment Act (CRA) making a real difference on the ground. That visit reinforced my conviction that public policy could play a meaningful role in supporting private capital coming to underserved neighborhoods and expanding opportunity where it is most needed. And that's what today's conference is all about. Federal Reserve Gov. Michael Barr: "We may need to keep rates steady for some time" FED'S BARR: LABOR MARKET APPEARS TO BE STABILIZING; WAR HAS INCREASED RISKS DUE TO HIGH OIL PRICES