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...
Oil prices edged lower on Thursday, pressured by expectations of lower U.S. fuel demand at the end of the summer travel season and by the restart of Russian oil supplies to Hungary and Slovakia through the Druzhba pipeline. Brent crude futures fell 23 cents, or 0.3%, to $67.82 by 1:45 p.m. ET (1745 GMT). U.S. West Texas Intermediate (WTI) crude futures were down 28 cents, or 0.4%, at $63.87 a barrel. The upcoming U.S. Labor Day long weekend ends the summer driving season. The outlook is for lower U.S. demand for gasoline, even as crude oil supplies rise due to an OPEC+ plan to raise...
Gold (XAU/USD) extends its advance for a third straight session on Thursday, trading near a more than five-week high, buoyed by a softer US Dollar (USD) and subdued Treasury yields. The precious metal had come under pressure on Wednesday when a stronger Greenback limited gains, but the overnight pullback in the US Dollar, along with lower bond yields, has helped bullion regain momentum. At the time of writing, XAU/USD is consolidating gains near the $3,411 mark as traders digest the latest United States (US) economic data. The second estimate of Q2 Gross Domestic Product (GDP) showed a 3.3%...
Gold prices rose on Thursday, hitting their highest level in more than one month, as the dollar weakened while investors awaited Friday's US inflation data for clues on Federal Reserve policy direction. Spot gold rose 0.3% to $3,407.81 an ounce at 12:22 GMT, after hitting $3,408.62, its highest level since July 23, earlier in the session. US gold futures for December rose 0.5% to $3,466.30. The dollar index fell 0.3% against a basket of currencies, making gold more attractive to holders of other currencies. Investors are awaiting Friday's release of the Personal Consumption Expenditures...
The dollar index pared its losses after data showed the US economy grew slightly faster in the second quarter than initially estimated, while US unemployment claims declined slightly last week. All Group of 10 currencies strengthened against the US dollar on Thursday. The Bloomberg Dollar Spot Index fell 0.2%, a third straight day of declines. "The data suggests the economy may not be that weak," said Aroop Chatterjee, a strategist at Wells Fargo. "The Q2 GDP was revised up and the claims data suggest that layoffs in the labor market remain moderate." Investors now await Fed Governor...
Oil prices have been little changed in their recent narrow range as traders continue to monitor the possibility of a supply glut and US efforts to force India to halt purchases of Russian oil. Brent crude briefly touched below $68 per barrel, after trading between $65 and $70 for most of August. White House trade adviser Peter Navarro increased pressure on New Delhi to halt purchases of Russian oil after Washington doubled import duties from the country to 50%. The US has been squeezing India over its imports of Russian crude as part of its efforts to end the war in Ukraine. At the same...
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...