
Yesterday, the Federal Reserve held interest rates steady at a 4.25%-4.5% range.
The real action came from President Trump’s various trade announcements.
That included finalizing a tariff on raw copper imports of 50%. That’s lower than what Trump had hinted at – imagine that.
As a result, copper had its biggest daily drop on record, and the metal gave up all of its massive gains for 2025:
Copper prices soared on the prospect of steep tariffs, then collapsed as the reality wasn’t as bad as imagined
The U.S. still needs to import about 1 million tonnes of copper annually to meet its needs.
Just as the market overreacted and overheated, now may be a second chance to buy into the copper trade with a longer-term view.
~ Addison
P.S. While the Fed held rates steady, two members of the FOMC dissented from the decision, the first time since 1993.
Turmoil continues to brew at the Federal Reserve, and it’s very likely that the next Grey Swan event is kicked off from events swirling around the Fed, its Chairman Jerome Powell, and President Trump – who once again took to Truth Social this morning to criticize Powell for being, “TOO LATE.”
That’s why assets like gold, which also sold off yesterday, still look attractive.
Our very first recommendation in the Grey Swan Trading Fraternity seeks to capitalize quickly on copper’s whopper price action. Details for new paying members are on the way. Check your inbox.
As always, your reader feedback is welcome: feedback@greyswanfraternity.