Stephen Miran, a Federal Reserve governor whose term ends at the end of January, said Thursday that he is looking for 150 basis points of interest-rate cuts this year to boost the U.S. labor market. Miran told Bloomberg Television's Surveillance program that Fed officials had room to further reduce rates given his view that underlying inflation was likely running at 2.3%. "I'm looking for about a point and a half of cuts. A lot of that is driven by my view of inflation," Miran said. "Underlying inflation is running within noise of our target, and that's a good indication of where overall...
The pound was virtually unchanged on Monday (September 8th), after posting its biggest one-day rally against the dollar in two weeks on Friday, following surprisingly weak US jobs data that had reinforced expectations of a US interest rate cut this month. The pound was last unchanged on the day at $1.3513, having strengthened 0.5% on Friday, when the dollar came under heavy pressure following the August nonfarm payrolls report showing just 22,000 jobs created last month and far fewer in previous months. Traders are fully pricing in a quarter-point interest rate cut from the Federal Reserve...
The Silver price ( XAG/USD) trades in negative territory around $40.65 during the early Asian session on Monday. The white metal retreats from the 14-year-old amid the prospect of a US Federal Reserve (Fed) rate cut. The expectation for lower Federal Reserve (Fed) interest rates this year will drag the US Dollar (USD) lower and boost the Silver price. After Friday's downbeat US jobs report, a total of three 0.25% rate cuts from the US central bank are now expected yet this year. Lower interest rates could reduce the opportunity cost of holding Silver, supporting the non-yielding white...
Gold held firm near an all-time high on Monday, inching closer to a key $3,600 level, bolstered by mounting expectations of a U.S. Federal Reserve rate cut this month following a weaker-than-expected jobs report last week. Spot gold was flat at $3,586.81 per ounce, as of 0121 GMT. Bullion rose to a record high of $3,599.89 on Friday. U.S. gold futures for December delivery fell 0.7% to $3,626.10. "The main driver is U.S. jobs data and the expectations now that the Fed could cut by 50 basis points in September. It's a marginal chance but a material shift from before the jobs figures,"...
The yen fell broadly on Monday following news that Japanese Prime Minister Shigeru Ishiba had resigned, while the dollar was nursing losses after tumbling on a weak U.S. jobs report that cemented expectations for a Federal Reserve rate cut this month. Ishiba on Sunday announced his resignation, ushering in a potentially lengthy period of policy uncertainty at a shaky moment for the world's fourth-largest economy. The yen slumped in response in early Asia trade on Monday, falling 0.7% against the dollar to 148.43. The Japanese currency similarly slid more than 0.5% against the euro and...
Gold edges higher in early Asian trade. An unexpectedly weak U.S. jobs report raised expectations of a Fed rate cut later this month, supporting gold, the ANZ Research team writes in a note. Investor demand has also been supported by worries of the Fed losing its independence as Trump continues to interfere with governor appointments, they add. Spot gold is 0.2% higher at $3,593.41/oz. Source: Bloomberg
Bank of Japan (BOJ) Governor Kazuo Ueda stated that achieving 2% inflation is getting closer, although real inflation remains low. Ueda emphasized that the BOJ will continue to raise interest rates...
The Reserve Bank of Australia (RBA) maintained its cash rate at 4.1% during its April meeting, holding borrowing costs unchanged after slashing 25 bps in the February meeting, aligning with market...