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 slipped in Asian trading on Tuesday as investors assessed U.S.-Ukraine talks for clues on Russian oil supply outlook, with focus now turning to a possible meeting between the Ukrainian leader and Russian President Vladimir Putin. As of 22:29 ET (02:29 GMT), Brent Oil Futures expiring in October fell 0.5% to $66.27 per barrel, while West Texas Intermediate (WTI) crude futures also declined 0.5% to $62.36 per barrel. Both contracts rose nearly 1% on Monday after U.S. Trade Adviser Peter Navarro criticized India's purchases of discounted Russian crude as funding the war, renewing...
The Japanese Yen (JPY) is seen oscillating in a range against its American counterpart during the Asian session on Tuesday amid mixed fundamental cues. The growing acceptance is that the Bank of Japan (BoJ) will stick to its policy normalization path and hike interest rates by the year-end. Moreover, the cautious market mood acts as a tailwind for the JPY. Apart from this, the lack of follow-through US Dollar (USD) buying caps the USD/JPY pair near the 148.00 mark. Meanwhile, the BoJ's hawkish outlook marks a significant divergence in comparison to expectations that the US Federal Reserve...
The Australian Dollar (AUD) extends its losses for the second consecutive session on Tuesday. The AUD/USD pair depreciates despite an improved Westpac Consumer Confidence, which surged 5.7% in August to 98.5, following a 0.6% increase in July. The sentiment has reached a high since February 2022, as the Reserve Bank of Australia (RBA) has delivered rate cuts totaling 75 basis points since January. Matthew Hassan, Head of Australian Macro-Forecasting, said the prolonged period of consumer pessimism may be coming to an end, although maintaining momentum could require additional easing....
The dollar index climbed above 98.2 on Tuesday, extending the previous session's gains as investors focused on a pivotal summit between President Donald Trump and European leaders aimed at ending the war in Ukraine. During the talks, Trump discussed potential security guarantees for Kyiv and announced follow-up meetings involving Russian and Ukrainian leaders, which he will later on attend. Ukrainian President Volodymyr Zelenskiy said Ukraine has offered to purchase about $90 billion worth of US weapons as part of the guarantees, with details expected to be finalized within ten days. On...
Oil markets were in focus following President Donald Trump's meeting with Ukrainian President Volodymyr Zelenskiy, as traders weighed the potential implications for regional stability and energy flows. Crude oil held steady after Monday's gain, as Trump said he began arranging a meeting between Russian President Vladimir Putin and Zelenskiy. Asian stocks may struggle for direction at the open after the S&P 500 closed little changed. The yield on 10-year Treasuries rose two basis points on Monday, while the Bloomberg Dollar Spot...
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...