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*                       FIEND'S SUPERBEAR MARKET REPORT                     *

*                             September 17, 2025                            *

*                                                                           *

*                       e-mail: fiendbear@fiendbear.com                     *

*                    web address: http://www.fiendbear.com                  *

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Fiend Commentary

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Cutting Into Weakness

The Fed will cut rates today, and the market has already moved on. With the dollar sliding toward recent lows and metals surging to fresh highs, investors have drawn their own conclusion: easier money is here, whether or not inflation has been tamed.

Gold and silver have been leading the way for weeks, steadily climbing as confidence in paper assets erodes. The weak dollar simply confirms what the metals have been signaling — that the Fed’s easing cycle is less about stability and more about survival.

The risk is that this cut, far from restoring confidence, further undermines it. A weaker dollar may provide short-term relief for exports, but it also raises import costs, fuels commodity inflation, and reinforces the sense that monetary discipline has been abandoned.

For now, equities cheer, metals rally, and the dollar sinks. But history suggests that once a currency starts sliding in the middle of an easing cycle, it rarely stops on command. The Fed is cutting into weakness, and the markets know it.


 

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