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 steadied after a report signaled a decline in US stockpiles, while investors weighed the outlook for Ukraine-Russia truce talks. Brent traded near $66 a barrel after falling 1.2% on Tuesday, while West Texas Intermediate was below $63. The industry-funded American Petroleum Institute reported crude inventories fell by 2.4 million barrels last week, according to people familiar with the figures. Official data is due later Wednesday. The market is keeping close tabs on progress toward a ceasefire to the war in Ukraine following a series of high-level...
EUR/USD consolidates during the North American session above the 1.1600 figure as traders await the Federal Reserve (Fed) Chair Jerome Powell's speech at Jackson Hole, alongside the outcome of the Ukraine-Russia conflict solution. The pair trades at around 1.1640, down 0.12% at the time of writing. The economic docket in the United States (US) featured housing data on Tuesday, which was mainly ignored by investors. Last week's inflation figures on the consumer and producer side generated a two-way pricing for a Fed rate cut. Initially, after the Consumer Price Index (CPI) release, some...
Gold price tumbles on Tuesday as the Greenback extends its minimal gains for the second straight day, while geopolitical developments suggest that a positive outcome of the US President Trump meeting with Putin, Zelenskiy and European leaders could put an end to the ongoing war. XAU/USD is trading at $3,317. Rumors of a possible de-escalation of the Ukraine–Russia conflict weighed on Bullion prices, which usually benefit from global uncertainty. Last Friday, the meeting between US President Donald Trump and his Russian counterpart, Vladimir Putin, prepared the ground for a possible...
Oil prices fell on Tuesday as traders bet that talks over a possible agreement to legitimize or end Russia's invasion of Ukraine could ease sanctions on Russian crude oil, boosting global supply. Brent crude futures settled at $65.79 a barrel, down 81 cents, or 1.22%. U.S. West Texas Intermediate crude futures for September delivery, set to expire on Wednesday, finished at $62.35 a barrel, down $1.07, or 1.69%. "Even with this peace dividend, we have a record short position," said Phil Flynn, senior analyst with Price Futures Group. "Because of the size of the short position, people are...
The dollar was mixed on Tuesday as traders awaited the Federal Reserve's Jackson Hole Economic Policy Symposium later this week for further clues on U.S. interest rate policy. A speech on Friday by Fed Chair Jerome Powell is this week's main focus, with little major economic data to drive market direction. Traders are tuned into whether Powell will push back against market pricing of a rate cut in September. Traders ramped up bets on a rate cut at the Fed's September 16-17 meeting after a weak July jobs report, and as last month's consumer price inflation report showed limited upward...
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...