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 fell after four days of gains as investors awaited clearer signals on supply while monitoring the broader market impact of President Donald Trump's move to try to oust the Federal Reserve chairman. Brent crude prices fell near $68 a barrel, though prices have largely held between $65 and $70 this month. Tuesday's decline in crude prices reflected broader risk-off sentiment in the market, as Trump seeks to oust Lisa Cook from the Fed. The Department of Homeland Security issued a notice on Monday doubling tariffs on all Indian imports, as the US seeks to punish the country for...
The dollar weakened against longer-dated U.S. Treasury bonds as President Donald Trump's attempt to oust Federal Reserve Chair Lisa Cook fueled concerns about the long-term outlook for inflation. The yield on the 30-year U.S. Treasury bond rose two basis points to 4.91% as the move against Cook fueled concerns that price pressures could intensify if Trump reshuffles the Fed's policymaking committee. The yield on the two-year Treasury bond fell on speculation of lower interest rates. The dollar weakened 0.2%, while S&P 500 futures fell 0.1%. Nvidia Corp. rose 0.4% in pre-market trading...
Oil prices plunged more than 1% on Tuesday (August 26th) after surging nearly 2% in the previous session as traders monitored developments surrounding the war in Ukraine and potential disruptions to Russian fuel supplies. Brent crude fell $1.08, or 1.57%, to $67.72 per barrel at 10:40 GMT, after hitting its highest level since early August in the previous session. West Texas Intermediate (WTI) crude fell $1.13, or about 1.74%, to $63.67. "Today's moderate decline is driven by risk aversion, with equity markets trading lower," said UBS analyst Giovanni Staunovo. "Geopolitical factors need...
Gold prices rose to a more than two-week high on Tuesday (August 26th), after US President Donald Trump said he would fire Federal Reserve Chairwoman Lisa Cook, a move widely seen as eroding the central bank's independence and undermining confidence in US assets. Spot gold rose 0.4% to $3,379.05 an ounce at 08:03 GMT, after hitting its highest level since August 11th earlier in the session. US gold futures for December delivery rose 0.3% to $3,425.80. On Monday, Trump took the unprecedented action of firing Cook over claims of mortgage loan abuse. "Investors view Trump's move as an attempt...
Silver (XAG/USD) recovered from an initial decline and traded 0.33% higher near $38.80 during the European trading session on Tuesday (August 26th). The precious metal strengthened as market sentiment shifted slightly toward risk aversion following US President Donald Trump's firing of Federal Reserve (Fed) Governor Lisa Cook over mortgage allegations. S&P 500 futures fell 0.15% during European trading hours. US equities continued to weaken after a weak session on Monday, indicating cautious market sentiment. Demand for safe-haven assets, such as silver, increased amidst the risk-averse...
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...