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 (GBP) attracted significant buying interest against other major currencies on Wednesday as the UK Consumer Price Index (CPI) data for July showed a larger-than-expected increase. The Office for National Statistics (ONS) reported that headline inflation rose at an annual rate of 3.8%, faster than the 3.7% expected and the 3.6% in June, a key factor that will allow the Bank of England (BoE) to maintain its "gradual and cautious" monetary expansion guidance going forward. Core CPI - which excludes volatile items such as food, energy, alcohol, and tobacco – grew at a faster rate of...
Gold edged higher on Wednesday (August 20th) but remained near a three-week low, as investors awaited the minutes of the Federal Reserve's July meeting and this week's Jackson Hole, Wyoming, central banking symposium for clues on further interest rate cuts. Spot gold rose 0.2% to $3,321.33 an ounce, as of 08:32 GMT, after hitting its lowest level since August 1st. U.S. gold futures for December delivery rose 0.2% to $3,364.20. The U.S. dollar index steadied after hitting a more than one-week high earlier in the session, making gold more expensive for holders of other currencies. "Spot gold...
Oil prices rose on Wednesday as the American Petroleum Institute reported a decline in U.S. crude inventories, and investors awaited the next steps in negotiations to end the Ukraine war, with sanctions on Russian crude remaining in place for now. Crude prices fell more than 1% on Tuesday amid optimism that a deal to end the war appeared closer. However, U.S. President Donald Trump acknowledged that Russian President Vladimir Putin may not want to reach a deal. Brent crude rose 55 cents, or 0.8%, to $66.34 a barrel at 08:12 GMT. U.S. West Texas Intermediate crude for September delivery,...
Gold (XAU/USD) hits a nearly three-week low during the Asian session on Wednesday, with the bears now awaiting a sustained break below the 100-day Simple Moving Average (SMA) before positioning for further losses. The US Dollar (USD) is seen prolonging its steady uptrend for the third straight day amid diminishing odds for a more aggressive policy easing by the Federal Reserve (Fed). This, in turn, is seen as a key factor undermining the non-yielding bullion. Apart from this, hopes for a Russia-Ukraine peace deal exert additional downward pressure on the safe-haven Gold. Moving ahead,...
Silver prices slid toward $37 per ounce on Wednesday, marking their lowest level in more than two weeks as the dollar firmed ahead of key Federal Reserve events. Investors are awaiting the release of the July Fed meeting minutes, which will be closely scrutinized after the gathering saw the first policy dissents since 1993. Fed governors Christopher Waller and Michelle Bowman favored a quarter-point rate cut over leaving rates unchanged, underscoring divisions within the committee. Focus will then shift to Fed Chair Jerome Powell's remarks at the Jackson Hole symposium, with markets...
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...