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 closed higher on Tuesday (December 24th) as investors assessed stronger-than-expected US economic growth and the risk of oil supply disruptions from Venezuela and Russia. Brent crude futures closed up 31 cents, or 0.5%, at $62.38 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose 37 cents, or 0.64%, to $58.38. Prices had risen more than 2% on Monday, with Brent posting its biggest daily gain in two months and WTI rising the most since November 14th. The U.S. economy grew faster than expected, driven by strong consumer spending, the Commerce Department's Bureau of...
Gold and silver rallied to fresh all-time highs on escalating geopolitical tensions and prospects for more US rate cuts. Spot silver rose as much as 3.6% to trade above $70 an ounce for the first time. Gold was near $4,500 an ounce, extending gains after its biggest one-day jump in more than a month. Traders are betting the Federal Reserve will follow three straight interest-rate cuts by lowering the cost of borrowing again next year, which would be a tailwind for non-yielding precious metals. Gold's haven appeal has also been amplified in the last week by rising geopolitical...
Silver extended its record rally on Tuesday, reaching the key $70 an ounce mark, while gold pared gains after hitting an all-time high as stronger-than-expected US economic data triggered a decline. Spot silver rose 0.7% to $69.48 an ounce after hitting a record high of $70.66 earlier. Prices are up 123% since the start of the year. "It's essentially the supply and demand realities in a market that's been in deficit for five years, along with rising industrial demand. The safe-haven aspect, expectations of a weaker dollar, and lower yields are all part of that equation," said Peter Grant,...
Oil prices are expected to end four consecutive days of gains as traders weigh the US crackdown on Venezuelan shipments amid weak demand. West Texas Intermediate (WTI) prices fluctuated near $58 per barrel, while Brent neared $62. The US has boarded one tanker, seized another, and recently pursued a third near Venezuela, as Washington increases pressure on the government of Nicolas Maduro. However, more than a dozen vessels have loaded oil off the country's coast since the Trump administration stepped up efforts to curb Caracas's crude revenues. Trading volumes tend to decrease ahead of...
Global gold prices recorded a slight decline in today's US trading session after the release of the latest economic data showing stronger-than-expected US economic growth. Third-quarter US GDP data showed solid expansion, triggering a strong response in financial markets and putting pressure on the precious metal as a safe-haven asset. A strengthening US economy tends to reduce expectations of further monetary easing by the Fed, as high growth often reduces the likelihood of an imminent interest rate cut. This strong data also supported a strengthening US dollar and rising Treasury bond...
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...