This paper presents empirical evidence on the reactions of commodity futures prices to the announcements of the money supply (Ml), the Federal Reserve discount and surcharge rates, the CPI, the PPI, the unemployment rate and the U.S. industrial production index. Survey data were utilized to...

This article analyzes the immediate reaction of a representative sample of commodity prices and two T-bill yields to the unanticipated components of thirteen macroeconomic announcements. Surprises in the monetary variables cause the majority of the significant commodity price responses; while...